China State Construction soars on debut
Shares in China’s biggest housing contractor jumped by almost 70 per cent on their first day on the stock market following the world’s largest share issue earlier this year.
China State Construction Engineering Corporation, which is run by the Chinese government, sold a 40 per cent stake last week for some £4.5 billion.
Today, trading on the Shanghai Stock Exchange, the contractor’s share price jumped from 4.18 yuan to 7 yuan.
CSCEC told the BBC it would use the proceeds of the share sale to expand its business after local house prices in June climbed for the first time in seven months.
Chinese soils are being eyed off by a number of UK contractors looking to cash in on major projects - in particular huge infrastructure investments - abroad.