State Construction eyes US takeover in its $2bn push

China State Construction Engineering (601668.SH), China’s biggest builder by market value, plans to buy a US construction company next year as part of its goal of investing US$2 billion in the world’s largest economy, Bloomberg reported. China State Construction Vice President Chen Guocai said the company aims to boost US sales within five years to 15% of its total from the current 5%, and that it has two potential takeover targets, including one with annual sales of US$1 billion. The Chinese construction giant, which renovated the Alexander Hamilton Bridge in New York, is also planning private-public US partnerships to decrease its reliance on domestic and emerging markets. “We need to balance our overseas business,” Chen said. He added that China State Construction, parent of China Overseas Land & Investment (0688.HKG), is also seeking a US partner to collaborate on property projects in the US.