By continuing to use the site you agree to our Privacy & Cookies policy

Your browser seems to have cookies disabled. For the best experience of this website, please enable cookies in your browser.

Close

Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to a newer version or another browser.

Close

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.

UK Trade and Investment this month published a report on the Chinese market and has brought two top-level delegations from the Chinese Ministry of Rail to the UK to promote its investment plans.

Related images

Related Jobs

Sign in to see the latest jobs relevant to you!

Subscribe to Construction News
Sign up for a Corporate subscription to Construction News

Visit CNinsight - the construction industry data service from Construction News
« »