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Largest Chinese private builder prefers US listing
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CHINA Pacific Construction Group, China’s largest private builder by revenue, does not expect to list until 2020 and would prefer to list in the United States which has better regulated markets, company founder Yan Jiehe said.
“If you’re strong enough, you should list in the US,” he said, adding that he expects his firm to list between 2020 and 2022, and have a market value of around 3 trillion yuan (US$485 billion) at the time of listing.
By comparison, e-commerce giant Alibaba has a current market value of US$233 billion while Apple Inc is worth US$764 billion.
CPCG, which builds bridges, expressways and other infrastructure, has annual revenue of US$59.6 billion and ranked 166th last year in Fortune magazine’s list of 500 companies.
The company is seeking more business overseas as slowing growth for China’s economy puts more pressure on local governments, which are its main customers.
CPCG is in talks for contracts in European countries such as Greece, Bulgaria and Albania, Yan said. He hopes to replicate the build-and-transfer model the company uses widely in China, where CPCG builds the project upfront at its own cost and then sells the finished scheme to the local government in stages.
The company has recently been involved with several spats with Chinese local governments. Yan said in January that CPCG was owed over 50 billion yuan by local governments and it was suing six over payments that were due at the end of 2012.
Yan said yesterday that four out of six local governments that had opted to settle out of court and pay off their bills, while two others had delayed the court dates.
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