China State Construction nets $100m US subway dealSubmitted by bad_karma on Wed, 11/25/2009 - 13:57
what the hell is this?
China State Construction nets $100m US subway dealBy Liu Yiyu (China Daily)
Updated: 2009-11-24 08:11 Comments(71) PrintMail
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.