Trading name CREC Traded as SEHK: 390SSE: 601390 Area served Worldwide Revenue 105.9 billion USD (2015) Founded 2007 | Type Public Industry Construction Key people Chairman: Li Changjin Headquarters China Total assets 110.1 billion USD (2015) | |
Stock price 601390 (SHA) CN¥ 8.87 0.00 (0.00%)3 Mar, 3:00 PM GMT+8 - Disclaimer Subsidiaries China Railway Erju Co., Ltd. Parent organization China Railway Engineering Equipment Group Co., Ltd. | ||
China Railway Group Limited known as CREC (the acronym of it predecessor and parent company China Railway Engineering Corporation) is a Chinese construction company which floats in Shanghai and Hong Kong Stock Exchange. The major shareholders of the company is the state owned China Railway Engineering Corporation (CRECG).
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By revenue, CREC is the largest construction company in the world in the 2015 Engineering News-Record "Top 225 Global Contractors". In 2016, CRECG ranks in the 57st place among Fortune Global 500 Enterprises and the 7th place among Top 500 Chinese Enterprises.
Business areas
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
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.
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.
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. 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.
In the media
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.
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. 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. 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.