Shanghai Construction Group
|Owner||Shanghai Municipal Government|
|Subsidiaries||Shanghai Construction Group Co., Ltd. (30.19%)[nb 1]|
|Shanghai Construction Group Corporation|
The group's listed arm Shanghai Construction Group Co., Ltd. (SSE: 600170, Chinese: 上海建工集团股份有限公司; literally: 'Shanghai Construction Group, Company Limited by Shares'), was ranked at 1,096th on Forbes Global 2000 List, with a market cap of US$5.5 billion (as of May 2017).
In the 1990s the company underwent fast paced growth as the home city of Shanghai was finally allowed to join in the reform and growth sweeping China. The city became a "builder's dream" and SCG benefited from the pent up zeal for projects with revenue climbing up 30% annually. As the hometown builder, SCG is responsible for many of the landmarks of Shanghai including the under construction Shanghai Tower.
SCG undertakes overseas construction projects and mining in Eritrea. It has an international focused subsidiary, the Shanghai (Group) Corporation for Foreign Economic & Technological Cooperation (SEFCO Group).
The company's construction of a five star hotel in Cairo despite local political instability was cited by the New York Times in 2012 as an example of the endurance Chinese companies had in their bid to establish operations in Egypt.
The SEFCO Group, a subsidiary of the company, acquired a 60% share in an Eritrean gold mine for $80 million at the end of 2011.
In February 2014, Shanghai Construction Group was awarded a contract for a sewage tunnelling project in Edmonton, Canada. The $11-million bid marked the first time that a Chinese firm had done tunnelling work in North America.
In 2014, the company was also contracted by the Tanzanian Ministry of Defence and National Service to construct 12,000 housing units for the Tanzanian Peoples’ Defence Force (TPDF) in a project financed by a $550m loan from the Exim Bank of China.
Through an American subsidiary, the Group bought the Hyatt Regency Orange County hotel for $137 million in 2015, following a trend in which Chinese state owned construction firms are increasingly investing in overseas real estate.
- Shanghai Municipal Government owned an additional 24.01% shares of the listed company via Guosheng Group
- "The Top 225 International Contractors". Engineering News-Record.
- "Shanghai Construction on the Forbes Global 2000 List". Forbes. Retrieved 2017-07-04.
- Faison, Seth (April 12, 1995). "Shanghai Journal; Free Now to Build, China's Biggest City Binges". New York Times.
- Wu, Ni. "Tallest skyscraper in China reaches over 500m". China Daily.
- "Shanghai Construction says to acquire Eritrea gold mine". Reuters. December 27, 2011.
- "Chinese Firms Brave Uncertainty in Egypt". New York Times. August 30, 2012.
- "Chinese construction company gets Edmonton sewer contract, CCPPA calls it a 'violation' of standards". Ottawa Sun. Retrieved 2017-07-04.
- "Shanghai Construction Group makes North American tunnelling foray". Canadian Underground Infrastructure. 2016-05-03. Retrieved 2017-07-04.
- "GCR - News - Shanghai Construction Group to build 12,000 homes for Tanzanian army". www.globalconstructionreview.com. Retrieved 2017-07-04.
- "Shanghai Construction Group Buys California Hyatt | Mingtiandi". www.mingtiandi.com. Retrieved 2017-07-04.