New contracts growth remains steady for China’s biggest contractor
03 July 2023
China’s biggest construction contractor, China State Construction Engineering Corporation (CSCEC) has seen its rate of growth hold steady in its latest trading update.
For the period of January to May this year, CSCEC reported that the total value of newly signed construction contracts has reached CNY 1,425.3 billion (US$196.6 billion), up 11.3% year on year.
In its last trading update, covering the period from January to April, it recorded an 11.6% year-on-year rise in construction contracts and a total value of CNY 1,166.6 billion ($160.9 billion).
In the most recent update, covering January to May, CSCEC reported an 11.5% year-on-year increase in housing construction contracts, totalling CNY 1,046.5 billion ($144.3 billion).
Infrastructure construction rose by 10.1% year on year, to CNY 371.9 billion ($51.3 billion).
And survey and design services recorded a strong increase of 31% year on year, to CNY 7 billion ($1 billion).
Domestic construction accounted for CNY 1,385.5 billion ($191.1 billion) worth of new contracts, while overseas construction hit a total of CNY 39.8 billion ($5.5 billion).
Meanwhile, CSCEC’s real estate sales were up 51.4% year on year, reaching a total of CNY 191 billion ($26.3 billion).