Mainland railway firm eyes US project

Despite the China-bashing in the United States presidential election, which has entered its final week, a Chinese state-owned enterprise is in talks to win a US infrastructure project worth at least US$700 million.

A subsidiary of China Railway Construction Corp is talking to a US company on building a retirement community in Nevada, said Yu Xingxi, the finance and accounting manager of the Shanghai and Hong Kong-listed firm.

If CRCC wins a contract, it must be worth at least US$700 million to US$800 million, said Yu. "We won't look at projects smaller than that. We seek opportunities all around the world, but only a few of them materialise."

He said the talks were at a preliminary stage and no deal had been struck. He declined to name the US firm or Nevada project.

Clarifying media reports that CRCC was seeking Chinese bank loans to finance the project, Yu said it was the US project owner that was seeking loans. Having Chinese banks finance the Nevada retirement community while CRCC built it was a possible option, he said.

In September, Nevada governor Brian Sandoval visited China and South Korea to boost economic ties between his state and the two Asian nations, the first Nevada trade delegation to China since the 1980s, the Las Vegas Review Journal reported.