[photopress:property_ShanghaiWorldFinancialCenter1_1_2.jpg,full,alignright]China’s securities regulator have approved plans by China Construction, the country’s biggest real estate developer, for a second initial public offering (IPO) this year.
The China Securities Regulatory Commission (CSRC) approved its plan to issue 12 billion A-shares which are expected to raise more than RMB40 billion ($5.71 billion).
The raised capital will be used to fund big construction projects, infrastructure investment, commercial housing development and machinery equipment purchase.
As a heavyweight in construction and land development, the company made its name by building the National Aquatics Center, the Central China Television headquarters (shown here) and the Shanghai Financial World Center, the highest skyscraper in China’s mainland, shown at the top of this story.
[photopress:property_cctv_beijing_oma_220307_1.jpg,full,alignleft]Following an industry reshuffle, the company was reorganized at the end of last year by the parent company of China State Construction Engineering Corporation which hold up to 94% of the shares. PetroChina, Baosteel and Sinochem Corporation accounted for 2% each.
Sales revenue of the group totaled RMB168.3 billion last year, up 26.4% from a year ago. Net profit earned by the parent company reached RMB4.92 billion in 2007, up 103.9% year on year.
Source: China View