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China Communications Construction Company

From Wikipedia, the free encyclopedia

China Communications Construction
State-owned enterprise
Traded as
IndustryEngineering and Construction
Founded2005
Headquarters85 De Sheng Men Wai Street, Xicheng District, ,
Area served
Worldwide
Key people
  • Liu Qitao, Chairman
  • Song HaiLiang, President
  • Peng Bihong, Chief Financial Officer
Services
  • Infrastructure Design and Engineering
  • Road and Bridge Construction
  • Railway Construction
  • Transit Construction
  • Port Construction
  • Dredging
  • Oil Platform Design and Construction
  • P3 Investment
RevenueUS$70 billion
OwnerState-owned Assets Supervision and Administration Commission of the State Council (63.8%)
Number of employees
118,000
SubsidiariesChina Road and Bridge Corporation
China Harbour Engineering
John Holland Group
Websiteen.ccccltd.cn
China Communications Construction Co., Ltd.
Simplified Chinese中国交通建设股份有限公司
China Communications Construction
Simplified Chinese中国交通建设
Traditional Chinese中國交通建設
Second alternative Chinese name
Simplified Chinese中交建
Traditional Chinese中交建

China Communications Construction Company, Ltd. (CCCC) is a majority state-owned, publicly traded, multinational engineering and construction company primarily engaged in the design, construction and operation of infrastructure assets, including highways, bridges, tunnels, railways (especially high-speed rail), subways, airports, oil platforms, and marine ports. CCCC has been a contractor for numerous Belt and Road Initiative projects.[1][2]

History

CCCC's predecessors can be traced back to the Qing Dynasty, when the Junpu Engineering Bureau was established in 1905.[3] The company was officially formed in 2005 by the merger of China Road and Bridge Corporation (CRBC) and China Harbour Engineering Company (CHEC), which focus on transportation infrastructure and marine infrastructure, respectively. In 2006, the company listed shares on the Hong Kong Stock Exchange, followed by a listing on the Shanghai Stock Exchange in 2012.

The company has numerous subsidiaries including John Holland Group, which is an Australia-based construction company focused on infrastructure, and Friede & Goldman, which engineers offshore vessels for the oil and gas industry.[citation needed]

In 2009, the World Bank Group debarred CCCC for eight years due to fraud on highway projects in the Philippines.[2][4] In that year, the company allegedly transferred $19 million to Teodorin Obiang, son of the President of Equitorial Guinea, according to a 2013 US asset-forfeiture case.[5] In 2010, one of CCCC's subsidiaries, China Habour Engineering Company, won the contract to build the Magampura Mahinda Rajapaksa Port.[1] In 2018, Bangladesh banned the China Harbour Engineering Company, a CCCC subsidiary, after attempted corruption to win a highway tender.[6]

CCCC is active in dredging projects in areas under dispute in the South China Sea, highway-building in Xinjiang, and building naval logistics installations at Gwadar Port.[7][8][9][10] In August 2020, the Bureau of Industry and Security placed several CCCC subsidiaries on its "Entity List" for their construction work to militarize artificial islands in the South China Sea.[11][12][13] On 28 August, 2020, the United States Department of Defense released the names of additional “Communist Chinese military companies” operating directly or indirectly in the United States. CCCC was included on the list.[14][15]

Shareholders

CCCC is a "blue chip" stock (part of the CSI 300 Index). State-owned Assets Supervision and Administration Commission of the State Council (SASAC) holds 63.8% of the company's shares.[16] Other shareholders include multiple affiliates of (or funds managed by) Merrill Lynch, BlackRock and JPMorgan Chase.[16]

Projects

See also

References

  1. ^ a b Prasso, Sheridan (September 19, 2018). "A Chinese Company Reshaping the World Leaves a Troubled Trail: CCCC, Belt and Road's biggest builder, is besieged by allegations of fraud, corruption, and environmental damage". Bloomberg Businessweek. Archived from the original on June 1, 2020. Retrieved July 15, 2020.
  2. ^ a b Roy Chaudhury, Dipanjan (August 23, 2019). "World Bank bans Chinese companies again for financial crimes". The Economic Times. Archived from the original on August 23, 2019. Retrieved July 15, 2020.
  3. ^ Alon, Ilan. A Guide to the Top 100 Companies in China. World Scientific. ISBN 978-981-4291-46-0.
  4. ^ "World Bank Applies 2009 Debarment to China Communications Construction Company Limited for Fraud in Philippines Roads Project". World Bank. July 29, 2011. Archived from the original on June 19, 2020. Retrieved 2020-07-15.
  5. ^ "A Chinese Company Reshaping the World Leaves a Troubled Trail". Bloomberg.com. 2018-09-19. Retrieved 2020-10-13.
  6. ^ Hartman, Leigh (2020-09-10). "China's construction companies sow chaos worldwide". ShareAmerica. Retrieved 2020-10-13.
  7. ^ Long, Drake (14 July 2020). "Senior US Official Hints at Sanctions on Chinese Firms in South China Sea". Radio Free Asia. Archived from the original on 15 July 2020. Retrieved 15 July 2020.
  8. ^ "Construction of highway running through Taklimakan Desert enters final rush in NW China's Xinjiang". Xinhua News Agency. May 19, 2020. Archived from the original on 2020-08-23. Retrieved 2020-07-16.
  9. ^ "Work progressing on possible Chinese naval base in Pakistan?". The Week. June 3, 2020. Archived from the original on July 1, 2020. Retrieved July 15, 2020.
  10. ^ "DOD Releases List of Additional Companies, in Accordance with Section 1237 of FY19 NDAA". U.S. Department of Defense. 2020-08-28. Retrieved 2020-08-29.
  11. ^ Long, Drake (August 26, 2020). "US Sanctions Chinese Companies Over South China Sea Island-Building". Radio Free Asia. Archived from the original on August 28, 2020. Retrieved August 26, 2020.
  12. ^ O’Keeffe, Kate (2020-08-26). "U.S. Sanctions Chinese Firms and Executives Active in Contested South China Sea". Wall Street Journal. ISSN 0099-9660. Archived from the original on 2020-08-26. Retrieved 2020-08-26.
  13. ^ "Commerce Department Adds 24 Chinese Companies to the Entity List for Helping Build Military Islands in the South China Sea". U.S. Department of Commerce. 2020-08-26. Archived from the original on 2020-08-26. Retrieved 2020-08-26.
  14. ^ "DOD Releases List of Additional Companies, in Accordance with Section 1237 of FY19 NDAA". U.S. Department of Defense. August 28, 2020. Archived from the original on 30 August 2020. Retrieved 30 August 2020.
  15. ^ "Qualifying Entities Prepared in Response to Section 1237 of the National Defense Authorization Act for Fiscal Year 1999 (PUBLIC LAW 105–261)" (PDF). U.S. Department of Defense. August 28, 2020. Archived (PDF) from the original on 30 August 2020. Retrieved 30 August 2020.
  16. ^ a b China Communications Construction Co. Ltd. Annual Report 2016. p. 57.
  17. ^ "PM launches mining work of Karnaphuli Tunnel in Chittagong". Dhaka Tribune. 2019-02-24. Archived from the original on 2019-11-06. Retrieved 2020-08-08.

External links

This page was last edited on 13 October 2020, at 08:29
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