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China State Construction Engineering

Largest construction company in the world by revenue From Wikipedia, the free encyclopedia

China State Construction Engineering

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 is the largest construction company in the world by revenue and the 8th largest general contractor in terms of overseas sales, as of 2020.[2] In 2023, the company was ranked 66th in the Forbes Global 2000.[3]

Quick Facts Native name, Company type ...
China State Construction
Engineering Corporation
Native name
中国建筑集团有限公司
Company typeState-owned enterprise
IndustryConstruction
Founded1957; 68 years ago (1957)
Headquarters
Beijing
,
China
Area served
Worldwide
Key people
Revenue US$ 320.4 billion (2023)[1]
US$ 4.4 billion (2023)[1]
Total assetsUS$ 410.1 billion (2023)[1]
OwnerCentral People's Government
Number of employees
382,894 (2023)[1]
SubsidiariesChina State Construction Engineering Corporation Limited (56.26%)
Websitewww.cscec.com.cn
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Quick Facts Simplified Chinese, Traditional Chinese ...
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
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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.[4]

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

Corporate structure

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.[5][6]

History

Summarize
Perspective

The CSCEC was founded in 1957 as a state company.[7][8] Early on the country had an international profile building heavy industry and infrastructure in Asia, Africa, and the Middle East.[9] The predecessor company opened its first overseas office in Kuwait in the late 1970s.[10] The company broke from its regionally confined work pattern when it entered the U.S. market in 1985, opening an office in Atlanta.[9] 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.[9]

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.[11]

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.[10] It was the largest construction project undertaken by a Chinese company outside of China.[10]

The China State Construction Engineering Corporation is also constructing the new Athletics and Football Stadium in Grenada.[12]

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.[13]

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.[14][15] 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.[16][17]

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.[18]

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.[19]

Projects

Thumb
Shun Hing Square, Shenzhen

Subsidiaries

References

External links

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