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China State Construction Engineering

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The China State Construction Engineering Corporation (CSCEC; 中国建筑集团有限公司) is a Chinese state-owned construction company headquartered in Beijing. It the largest construction company in the world by revenue and the 8th largest general contractor in terms of overseas sales, as of 2020.[3] In 2023, the company was ranked 66th in the Forbes Global 2000.[4]

China State Construction
Engineering Corporation
Native name
中国建筑集团有限公司
Company typeState-owned enterprise
IndustryConstruction
Founded1957; 67 years ago (1957)
Headquarters
Beijing
,
China
Area served
Worldwide
Key people
RevenueIncrease US$ 320.4 billion (2023)[1]
Decrease US$ 4.4 billion (2023)[1]
Total assetsUS$ 410.1 billion (2023)[1]
OwnerCentral People's Government
Number of employees
382,894 (2023)[1]
ParentSASAC[2]
SubsidiariesChina State Construction Engineering Corporation Limited (56.26%)
Websitewww.cscec.com.cn Edit this at Wikidata
China State Construction Engineering
Simplified Chinese中国建筑集团有限公司
Traditional Chinese中國建築集團有限公司
Transcriptions
Standard Mandarin
Hanyu PinyinZhōngguó jiànzhú jítuán yǒuxiàn gōngsī

While most of the assets of CSCEC were floated in the stock exchange as China State Construction Engineering Corporation Limited (CSCECL), CSCEC retained some assets such as schools and hospitals, as well as the stake in China Construction International Corporation (中国对外建设总公司) which was not able to be transferred. Thus, CSCEC granted the listed company supervising rights.[5]

This construction firm has built several of the world’s tallest buildings and largest construction megaprojects (see Projects list below.)

Corporate structure

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The CSCEC has numerous branches or subsidiaries. It is divided into five main divisions and twelve traditional core business areas, including eight Group's engineering offices and four Design Institutes, as well as its own national research laboratory. The main business units of the group are planning and design, project development, equipment leasing, trade, construction and facilities management.

Its subsidiary and listed company, China State Construction Engineering Corporation Limited (CSCECL) (Chinese: 中国建筑股份有限公司) (SSE: 601668), was established in 2007. It was listed on the Shanghai Stock Exchange in 2009 with its IPO price at RMB$4.18 per share. The shares closed at RMB$6.53, 56% higher than its IPO price, at the first trading day. It was the world's biggest IPO in 2009, raising the capital of US$7.3 billion.[6][7]

History

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The CSCEC was founded in 1957 as a state company.[8][9] Early on the country had an international profile building heavy industry and infrastructure in Asia, Africa, and the Middle East.[10] The predecessor company opened its first overseas office in Kuwait in the late 1970s.[11] The company broke from its regionally confined work pattern when it entered the U.S. market in 1985, opening an office in Atlanta.[10] The U.S. subsidiary began by building housing developments with joint venture partners before undertaking its first sole development, Lantana Lakes, a 107-acre, $27 million complex of 42 homes, in 1987 in Jacksonville, Florida.[10]

In 2009, the company was blacklisted for six years by the World Bank for collusion in the bidding process for the Philippines National Roads Improvement and Management Project.[12]

With the encouragement of the Chinese government and financing assistance from the Export-Import Bank of China, CSCEC has taken increasingly bold steps as a builder and investor of overseas projects. In 2011, the going abroad trend hit a new high when Baha Mar Resorts, a $3.4 billion casino and resort built and partially owned by CSCEC, opened after "extremely aggressive" efforts by the company to link with the Bahamas developer that started the project.[11] It was the largest construction project undertaken by a Chinese company outside of China.[11]

The China State Construction Engineering Corporation is also constructing the new Athletics and Football Stadium in Grenada.[13]

In 2020, after the coronavirus outbreak, CSCEC built two hospitals in Wuhan in the span of 10 to 12 days. The 1,000-bed Huoshenshan hospital was finished on February 3, while the 1,600-bed hospital Leishenshan was finished on February 5.[14]

On 28 August 2020, the United States Department of Defense released the names of companies with ties to the People's Liberation Army operating directly or indirectly in the United States. China State Construction Group Co., Ltd. was included on the list.[15][16] In November 2020, Donald Trump issued an executive order prohibiting any American company or individual from owning shares in companies that the United States Department of Defense has listed as having links to the People's Liberation Army, which included China State Construction Group.[17][18]

Because of the company's continued business with Russia during Russian invasion of Ukraine, China State Construction Engineering is listed among International Sponsors of War by Ukrainian National Agency on Corruption Prevention.[19]

In December 2023, China State Construction Engineers became a strategic partner with NWTN to develop new energy vehicles and green hydrogen projects. CCSCECL was responsible for managing the complex project construction process from planning and feasibility studies, to general contracting and financing assistance. NWTN will handle the projects investment and operations.[20]

Projects

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Shun Hing Square, Shenzhen

Subsidiaries

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References

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  1. ^ a b c d "China State Construction Engineering". Fortune GLobal 500. Fortune. Retrieved 2024-08-24.
  2. ^ "Central enterprise directory" (in Chinese). Archived from the original on 2016-10-24. Retrieved 2016-10-21.
  3. ^ "ENR's 2021 Top 250 International Contractors". Enr.com. Archived from the original on 2021-09-14. Retrieved 2022-06-23.
  4. ^ "The Global 2000 2023". Forbes. Archived from the original on 2024-01-29. Retrieved 2024-02-07.
  5. ^ "首次公开发行股票招股说明书" [IPO Prospectus] (PDF) (in Chinese). China State Construction Engineering Corporation Limited. 27 July 2009. p. 1-1-43 to 1-1-45. Archived from the original (PDF) on 22 October 2016. Retrieved 21 October 2016.
  6. ^ "Giant Chinese IPO soars as trading starts - Taiwan News Online". Etaiwannews.com. 29 July 2009. Archived from the original on 3 March 2016. Retrieved 4 December 2017.
  7. ^ "China State Construction soars on debut". constructionnews.co.uk/. 29 July 2009. Archived from the original on 23 September 2015. Retrieved 4 December 2017.
  8. ^ "CSCEC – China State Construction Engineering Corp. (Middle East) L.L.C. » CSCEC". Chinaconstruction.ae. Archived from the original on 2017-03-25. Retrieved 2017-03-24.
  9. ^ "About | China State Construction Engineering (CSCEC) - Global Players BriefGlobal Players Brief". stonecreek-partners.com. Archived from the original on 2017-03-25. Retrieved 2017-03-24.
  10. ^ a b c O'Reiley, Tim (1989-07-30). "Chinese Quietly Entering U.S. Housing Market". New York Times.
  11. ^ a b c Wei, Lingling (2011-02-16). "Chinese Firms Get Their Days in the Sun". The Wall Street Journal. Archived from the original on 2017-12-05. Retrieved 2017-08-03.
  12. ^ "World Bank bars seven firms including four from China". Reuters. Archived from the original on 2017-12-22. Retrieved 2017-12-20.
  13. ^ a b "New Grenada Stadium to be handed over in October". GrenadaSports. 29 September 2015. Archived from the original on 30 September 2015. Retrieved 29 September 2015.
  14. ^ "How China Built Two Coronavirus Hospitals in Just over a Week". Wall Street Journal. 6 February 2020. Archived from the original on 10 February 2020. Retrieved 5 February 2020.
  15. ^ U.S. Department of Defense. "DOD Releases List of Additional Companies, in Accordance with Section 1237 of FY19 NDAA". U.S. Department of Defense. Archived from the original on 30 August 2020. Retrieved 30 August 2020.
  16. ^ U.S. Department of Defense. "Qualifying Entities Prepared in Response to Section 1237 of the National Defense Authorization Act for Fiscal Year 1999 (PUBLIC LAW 105–261)" (PDF). U.S. Department of Defense. Archived from the original (PDF) on 28 August 2020. Retrieved 30 August 2020.
  17. ^ Chen, Shawna (November 12, 2020). "Trump bans Americans from investing in 31 companies with links to Chinese military". Axios. Archived from the original on October 28, 2021. Retrieved November 12, 2020.
  18. ^ Pamuk, Humeyra; Alper, Alexandra; Ali, Idrees (2020-11-12). "Trump bans U.S. investments in firms linked to Chinese military". Reuters. Archived from the original on 2021-10-28. Retrieved 2020-11-12.
  19. ^ "China State Construction Engineering Corporation". NACP. Archived from the original on 24 August 2023. Retrieved 24 August 2023.
  20. ^ "NWTN Announces Strategic Partnership with China State Construction Engineering Corporation (Middle East)". Stock Titan. Archived from the original on 2024-02-28. Retrieved 2024-02-27.
  21. ^ "Chinese Central SOEs Participate in Construction of Beijing Daxing International Airport". en.sasac.gov.cn. Archived from the original on 2020-01-24. Retrieved 2019-10-04.
  22. ^ Lewis, Aidan (4 December 2017). "Building the world's tallest minaret". Bbc.com. Archived from the original on 24 September 2017. Retrieved 4 December 2017.
  23. ^ a b "Le chinois CSCEC a connu une fulgurante ascension en Algérie sous l'ère Bouteflika - Maghreb Emergent". Archived from the original on 2017-04-25. Retrieved 2017-04-23.
  24. ^ "China construction to build Egypt's new parliament house". Xinhua News Agency. October 12, 2017. Archived from the original on January 15, 2018. Retrieved January 14, 2018.
  25. ^ "Chinese firm finalizes deal for building huge business district in Egypt's new capital". People's Daily. October 12, 2017. Archived from the original on January 16, 2018. Retrieved January 14, 2018.
  26. ^ "Egypt's prime minister breaks ground on new capital's $3 billion business district". Al-Ahram. 19 Mar 2018. Archived from the original on 19 March 2018. Retrieved 2018-03-19.
  27. ^ "中埃成功合作项目--开罗国际会议中心". Ministry of Foreign Affairs of the People's Republic of China. 2004-06-16. Archived from the original on 2018-07-29. Retrieved 2018-07-29.
  28. ^ "Projects". China State Construction Engineering Corporation Pakistan. 2004-06-16. Archived from the original on 2018-07-29. Retrieved 2018-07-29.
  29. ^ Semple, Kirk (10 August 2011). "China Construction Co. Involved in New York's Public Works". The New York Times. Archived from the original on 19 November 2016. Retrieved 26 February 2017.
  30. ^ Wilkie, Christina (2017-09-11). "Trump's Dubai resort project has hired a Chinese state-owned firm". CNBC. Archived from the original on 2017-12-01. Retrieved 2017-11-29.
  31. ^ a b c "'Belt and Road' Drives Into Argentina with $2 Billion Contract - Caixin Global". caixinglobal.com. Archived from the original on 2018-08-13. Retrieved 2018-08-13.
  32. ^ Alvarez, Simon (3 January 2019). "Tesla's Gigafactory 3 in China starts preparations with 6-month construction permit". Teslarati. Archived from the original on 7 January 2019. Retrieved 6 January 2019.
  33. ^ "东莞第一高楼民盈·国贸中心2号楼正式封顶". Government of the City of Dongguan. 20 August 2019. Archived from the original on 4 September 2020. Retrieved 4 September 2020.
  34. ^ "东莞国贸中心项目刷新东莞天际线". China State Construction Engineering Corporation. 14 November 2018. Archived from the original on 11 February 2019. Retrieved 4 September 2020.
  35. ^ "轨道交通大厦 地面商业 简介". Dongguan Rail Transit Corporation, Limited. Archived from the original on 2020-09-03. Retrieved 2020-09-04.
  36. ^ "新动态！东莞轨道交通大厦全面启动招商今年8月交付使用". NetEase News. 6 January 2020. Archived from the original on 27 February 2021. Retrieved 4 September 2020.
  37. ^ "CSCEC Housing Construction". english.cscec.com. Archived from the original on 2018-12-04. Retrieved 7 October 2021.
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