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China State Construction gets IPO approval

China State Construction Engineering Corporation (CSCEC), China's construction and real estate giant, has obtained regulator approval to get listed in Shanghai stock market.

The China Securities Journal reported Saturday that the CSCEC would become the fifth company to start initial public offering (IPO) on the Chinese mainland since the China Securities Regulatory Commission (CSRC) resumed IPO last month.

The prospectus would be published on Monday. The company planned to issue 12 billion shares, raising 42.6 billion yuan (US$6.26 billion), the largest flotation among the five, said the newspaper.

The CSCEC is China's largest home builder, with business ranging from housing construction, international project contracting, real estate developing, and infrastructure building.


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