China Communications Construction Group is planning a US$1 billion IPO in Hong Kong at the end of this year or start of 2007, according to the Financial Times. The state construction and engineering conglomerate has assets of US$8.7 billion and 70,000 members of staff. The newspaper said Merrill Lynch and UBS had been appointed to see the IPO through. CCCG, with estimated sales of US$10 billion, was established in December when state groups China Harbor Engineering Corp and China Road & Bridge Corp merged. Its main shareholder is the State-Owned Assets Supervision and Administration Commission.