China State Construction nets $100m US subway deal
By Liu Yiyu (China Daily)
Updated: 2009-11-24 08:11
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China State Construction nets $100m US subway deal

The company has signed more than $2 billion worth of contracts in the US this year. [China Daily]

China State Construction Engineering Corp, the largest contractor in China, has bagged a subway ventilation project worth about $100 million in New York's Manhattan area, marking the construction giant's third order in the United States' infrastructure space this year.

The contract was given to China Construction American Co, a subsidiary, the Wall Street Journal quoted a source as saying.

"The new project, along with the $410-million Hamilton Bridge project and a $1.7-billion entertainment project it won earlier this year, signals China State Construction's ambition to tap the American construction market," said Li Zhirui, an industry analyst at First Capital Securities.

Li, however, said the order came as no surprise as the US government is spending massively on infrastructure projects.

The three orders only account for about 4 percent of the value of its total orders this year, Li added.

In the first three quarters of this year, the Chinese construction giant signed more than $2 billion worth of contracts in the US market. China State Construction was also the contractor for a high school, a railway station and the Chinese embassy in the US.

Despite the progress made in the US market, the Middle East, Asia and Africa remain the State builder's key markets. The value of its contracts in Algeria this year increased 32 percent year-on-year, exceeding $800 million, and the value of its contracts in the Middle East surged 62 percent year on year, also exceeding $800 million.

The domestic market is still the largest contributor to China State Construction's revenue, mainly due to strong property sales and infrastructure sector projects.

China State Construction said it reaped 41 billion yuan in revenue from the property sector in the first 10 months of this year, up 83.2 percent over the same period last year. Orders from the infrastructure construction business were boosted by 90 percent largely due to the fiscal stimulus allocated to China's infrastructure sector.

Citing the company's recent performance, Shenyin & Wanguo Securities has given China State Construction a "buy" rating for the first time.

According to statistics provided by the Ministry of Commerce, China's overseas project contracts have increased 22.7 percent to $100.15 billion in the first 10 months of this year.

So if I'm reading this correctly......china got our infrastructure jobs that were suppose to go the us Americans with our tax paid stimulus money? There were no American contractors who could have done the same jobs?

Yep, you basically summed it up in a nutshell.

Quoted Text

In the first three quarters of this year, the Chinese construction giant signed more than $2 billion worth of contracts in the US market. China State Construction was also the contractor for a high school, a railway station and the Chinese embassy in the US.

Unbelievable! And our unemployment is how high?

Im guessing this has been going on for centuries- Im guessing because I don't know for sure-  didnt the American  railroad and mining companies use Alot  of Chinese labor because they were less expensive than - let us  say " the local help " ?  

Don't worry.  Vice President Biden assured us that he would know where every dime of the stimulus money is spent.
That suggests that he blessed this contract award.

Quoted from bumblethru

So if I'm reading this correctly......china got our infrastructure jobs that were suppose to go the us Americans with our tax paid stimulus money? There were no American contractors who could have done the same jobs?

Your thinking continues to be Neanderthal

China didn't  " get " anything -and  Amtrak can vouch for the superior Chinese work ethic and Ill also  bet most of the engineers working for ' China State Construction Engineering Corp' got their education in the United States- thereby spending a great deal of Chinese money in the US-  isn't that good ?

Quoted Text

Your thinking continues to be Neanderthal

China didn't  " get " anything -and  Amtrak can vouch for the superior Chinese work ethic and Ill also  bet most of the engineers working for ' China State Construction Engineering Corp' got their education in the United States- thereby spending a great deal of Chinese money in the US-  isn't that good ?

Nobody, you truly appear as a partisan A55 making that statement.

FOF, he can't help it.

Quoted Text

China State Construction Engineering Corp, the largest contractor in China, has bagged a subway ventilation project worth about $100 million in New York's Manhattan area, marking the construction giant's third order in the United States' infrastructure space this year.

That's so they have an easier time with the Sarin gas distribution......