Homebuilder cleared for A-share listing

Regulators have approved a domestic initial public offering for China State Construction Engineering Corp (CSCEC), the country’s largest homebuilder, the Financial Times reported. The announcement comes a day after nickel and cobalt miner Jinchuan Group suspended plans to list due to poor market conditions. Analysts said CSCEC, which was established at the end of 2007 and therefore does not meet the official requirement of three years of profitability to list on the A-share market, is being viewed as an exception by authorities, who want to ensure the success of high-profile construction projects. Its parent company is involved in such projects as the Beijing-Shanghai high-speed rail line and the new CCTV headquarters building in Beijing. CSCEC plans to float up to 40% of its shares and spend the money raised on real estate and infrastructure projects.