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China State Construction win US$2-bln deals in Abu Dhabi

May. 9, 2012 (China Knowledge) - China State Construction Engineering Corp Ltd<601668>, China's largest property and construction conglomerate, has signed a US$2 billion worth of cooperation pacts with Abu Dhabi sovereign-wealth fund Aabar Investments PJS and Industrial and Commercial Bank of China<601398><1398>.

The Chinese building contractor will undertake the construction of over 30 buildings, including five-stars hotels, office buildings and high-end apartments, in the central area of Abu Dhabi.

ICBC will provide financial support to Aabar Investments, which is controlled by International Petroleum Investment Co and would repay loans via oil trading.

Shanghai-listed China State Construction Engineering had signed RMB 194.7 billion worth of contracts in the first quarter of this year, up 1.7% from a year earlier.

Net profit attributable to shareholders in the first quarter reached RMB 2.56 billion, up 16.2% from a year earlier. The firm's operating revenue increased by 20% year-on-year to RMB 104.3 billion in the same period.

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