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China State Const. sees contracts value for Jan down 28.25%

Feb. 13, 2012 (China Knowledge) - China State Construction International Holding<3311>, a wholly-owned subsidiary of China State Construction Engineering Corp<601668>, signed HK$3.81 billion worth of contracts in January, 28.25% less than it secured in the same month of 2010.

The contract value accounted for 11.5% of the annual target of around HK$33 billion.

As of Jan. 31, 2012, China State Construction International had RMB 75.12 billion of contracts in hand, including uncompleted contracts worth HK$50.9 billion, up 30.9% from a year earlier.

Last month, the company acquired a residential property construction project worth HK$2.17 billion in Kowloon, Hong Kong. In the project, 687 apartments with a potential floor area totaling 100,000 square meters will be built.

The Hong Kong-listed firm also secured a contract worth HK$832 million in Macau last month.

On Jan. 2, China State Construction International announced plans to buy into Far East Global Group Ltd<0830> for HK$0.62 apiece, and intends to make a takeover bid for the remaining stake in the target firm at a price of HK$1.18 apiece, sources reported.

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