China’s biggest contractor in double-digit growth for year to August

Construction work in Shanghai, China (Image: Adobe Stock)

China’s biggest construction contractor, China State Construction Engineering Corporation (CSCEC) has continued to see double-digit growth in its new contracts for the year to date.

In its latest trading update, for the period covering January to August 2023, CSCEC reported that the total value of newly signed construction contracts had reached CNY 2,368.8 billion (US$324.5 billion).

That represented a 10.7% increase as compared to the same period a year before when China still had strict anti-covid measures in place.

The best-performing segment of the CSCEC business, viewed from the perspective of growth in new contracts, was its survey and design services arm, which saw new contracts increase 17.1% year on year to CNY 9.5 billion (US$1.3 billion).

New contracts in housing construction were up 11% year on year to CNY 1,729.3 billion (US$236.9 billion).

And new infrastructure contracts were up 9.9% to CNY 647.9 billion (US$88.8 billion).

The vast majority of new contracts came in CSCEC’s domestic market of China. New contracts there totalled CNY 2,320.5 billion (US$317.9 billion)

New contracts overseas totalled CNY 66.2 billion (US$9.1 billion).