China Railway Group Limited

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China Railway Group Limited
CREC
Public
Traded as
IndustryConstruction
Founded2007
Headquarters,
China
Area served
Worldwide
Key people
Chairman: Li Changjin
ProductsRailways, Highways, Installation, Design, Survey, Manufacturing, Real Estate, Resources, Investments
OwnerChinese Government (via China Railway Engineering Corporation)
ParentChina Railway Engineering Corporation
Chinese name
Simplified Chinese中国中铁股份有限公司
Traditional Chinese中國中鐵股份有限公司
Literal meaningChina China Railway Company Limited by Shares
Chinese short name
Simplified Chinese中国中铁
Traditional Chinese中國中鐵
Websitewww.crec.cn

China Railway Group Limited known as CREC (the acronym of its predecessor and parent company China Railway Engineering Corporation) is a Chinese construction company which floats in Shanghai and Hong Kong stock exchanges. The major shareholder of the company is the state-owned China Railway Engineering Corporation (CRECG).

By revenue, CREC is the largest construction company in the world in the 2015 Engineering News-Record "Top 225 Global Contractors".[1] In 2016, CRECG ranks in the 57st place among Fortune Global 500 Enterprises[2] and the 7th place among Top 500 Chinese Enterprises.

Business areas[edit]

CREC holds a large share of the Chinese construction market and participates in many large-scale infrastructure projects overseas (especially in countries in the Southeast Asia and Africa). In addition to the core business of construction, the company does business in surveying and designing, installation, manufacturing, R&D, technical consulting, capital management as well as international economic and trade activities.

History[edit]

In November 2007, CREC announced that it would be listing A shares and H shares on the Shanghai and Hong Kong respectively. The IPO price of A share ranged from 4 to 4.8 Chinese yuan while that of H share ranged from 5.03 to 5.78 Hong Kong dollar. CREC joined the Hang Seng China Enterprises Index from 10 March 2008.[3]

In support of a cross country railway building boom in Venezuela, CREC began construction in 2009 of the Anaco-Tinaco railroad, an 800 million USD project to building a 471 km high speed railway line through the agriculture belt.[4]

This company appeared to break new ground in the European Union in 2009 when the COVEC subsidiary along with two Chinese partners were awarded the tender to construct two parts of the A2 highway in Poland.[5] The project began well in the design and preparation stages with COVEC demonstrating "technical acumen" but work ran aground at later stages because of mismanagement within a tight regulatory framework, ending in failure for COVEC and replacement by other contractors.[6]

In the media[edit]

The works of a CREC subsidiary active in the Democratic Republic of the Congo are the focal point of the 2011 documentary Empire of Dust. The film is directed by Belgian filmmaker Bram Van Paesschen. In the documentary, the employees of the company just set up camp near the mining city of Kolwezi. The goal of CREC is to redo the road - covering 300 kilometers - that connects Kolwezi with Lubumbashi. The Chinese man Lao Yang is head of logistics of the group.[7][8]

Since a massive resources-for-infrastructure deal in 2007, China endeavors to take on a wide range of development projects (including roads, hospitals, schools and airports) to be paid for by Congo’s immense copper and cobalt reserves.[9] Though a promising deal for the Congolese– the majority of whom live on less than $1.25 a day– the deal’s lack of transparency has made it the subject of scrutiny for human rights organizations.[10] Empire of Dust examines the human aspect of this exchange. The documentary is lauded for its depiction of the cultural differences between the Chinese and Congolese employees.

Subsidiaries[edit]

As of 31 December 2014[11]

CREC received former no.1 to 10 bureau of Ministry of Railways, which became:

CREC also had the following subsidiaries

former design bureau

non-wholly owned subsidiaries that have material non-controlling interests

References[edit]

  1. ^ "The Top 225 Global Contractors". Engineering News-Record.
  2. ^ "Global 500". Fortune.
  3. ^ CREC joined Hang Seng China Enterprises Index
  4. ^ Kroth, Olivia (October 9, 2012). "President Chávez continues Venezuela's railway development". Pravda.
  5. ^ Broomby, Rob (16 September 2009). "China's controversial Polish contract". BBC News.
  6. ^ "European Project Trips China Builder". Wall Street Journal. June 4, 2012.
  7. ^ "Empire of Dust – IMDB Plot Summary". IMDB.
  8. ^ Documentary (2011). "Empire of Dust [2011] China in Africa". YouTube (run time 1:15:21). Retrieved September 3, 2017.
  9. ^ Scott, Daniel James. "Director Bram Van Paesschen on Empire of Dust | Filmmaker Magazine". Filmmaker Magazine. Retrieved 2017-02-14.
  10. ^ "China's 'infrastructure for minerals' deal gets reality-check in Congo". Reuters. 2017-07-09. Retrieved 2017-02-14.
  11. ^ English Translation of 2014 Annual Filing to Hong Kong Stock Exchange]
  12. ^ "Company Profile". China Railway Eryuan Engineering Group. Retrieved 17 October 2017.

External links[edit]