Major SOE construction company got bank's financial support
2 January 2008
China State Construction Co Ltd (CSC) has signed agreement with Industrial and Commercial Bank of China, the latter will provide a US$4 billions of credit quota and comprehensive financial support to CSC, Economic Observer reported. CSC, 94% owned by a major SOE China State Construction Engineering Corporation (CSCEC), was founded in Dec 8, 2007 as a platform to help the state owned assets to go public. According to the parents company, CSC is expected to IPO on Shanghai Stock Exchange around March and April in 2008. CSCEC is the country's largest property developing contractor and the third construction company.