Group secures crucial local contracts

Over the past 16 years, China Overseas Holdings has undertaken more than 272 construction projects valued at about $31 billion, in both Hong Kong and China.

The group has also been involved in 82 odd property and industrial projects, with an investment of more than $39 billion, among which $15 billion is from the group.

Aggregate sales turnover has been $30 billion and over the past 10 years, profits have grown at an average of 30 per cent. Current assets are worth about $15 billion and this also makes China Overseas Land & Investment, which is 75 per cent owned by the group, the construction firm with the highest market capitalisation.

During the past year, the group secured 27 projects worth $6.7 billion, in which management contracts accounted for about $5.7 billion. Among the significant projects was the management contract for the Naval Base at Stonecutters Island.

China Overseas Holdings, incorporated in Hong Kong in June 1979, is an independent subsidiary of China State Construction Engineering Corporation (CSCEC), a large state-owned construction conglomerate.

In May 1981, CSCEC was approved by the Hong Kong Government as a list II overseas contractor and can submit tenders of unrestricted value for project building, port works, roads and drainage, site formation and water works. The approval resulted in the formation of CSCEC (HK).