China State Construction Engineering Corp has been given the final go-ahead to raise up to Rmb42.6bn ($6.2bn) on the Shanghai market in what is likely to be the world’s largest listing this year.
China’s largest home builder, one of the beneficiaries of Beijing’s economic stimulus policies, said that it would issue as many as 12bn renminbi-denominated A shares and use the money to fund Rmb40.5bn worth of projects. Two of its subsidiaries, China Overseas Land & Investment and China State Construction International Holdings are already listed in Hong Kong.
