Contracting
CITIC Construction is a comprehensive engineering services provider with Africa and Latin America as its major overseas markets.
Utilising CITIC Group’s vast resources and networks, CITIC Construction not only provides engineering contracting but a suite of value-added and integrated services such as project planning, design, procurement, managemenoperation and maintenance. Another key advantage is the company’s ability to provide its own equipment durconstruction, which is particularly important for projects in developing countries.
Forming strategic alliances with third-party partners to share both risk and opportunities has been the key to ensure the smooth delivery of large scale projects.
Through the successful delivery of large-scale projects important to the lives of the communities in which it operates, the company has established a strong brand and reputation and is today widely regarded as a highly successful Chinese enterprise.
With an established foothold in infrastructure, housing and industrial construction, CITIC Construction is also developing businesses in the areas of resources, energy, agriculture and environmental protection.
Year in review
In 2014, CITIC Construction recorded satisfactory performance particularly, in Africa, Latin America and central Asia. Profit attributable to ordinary shareholders was RMB1.7 billion, mainly due to the delivery and booking of projects in Angola and Venezuela.
CITIC Construction continues to utilise its local knowledge in these regions, with a particular focus on Africa, to explore further opportunities.
The total value of signed contracts at the end of 2014 was RMB142.5 billion, of which RMB14.1 billion was in new contracts signed during the year
Major projects
CITIC Construction’s projects in social housing, including infrastructure and agriculture in African and Latin American countries, are greatly benefiting communities in these regions by providing them with much-needed facilities and improving the livelihoods of local people.
Tiuna Social Housing Project, Venezuela
Located in Caracas, this social housing project features a total of 116 apartment blocks and 29 public buildings, providing over 13,000 residences. Once completed, the project will have a significant impact on improving the living standards and environment of the local community. The total contract value is US$1.57 billion. By the end of 2014, over 40% of the project had been completed and 18 blocks delivered.
Zango Real Estate Development (RED) Project, Angola
CITIC Construction signed a framework agreement with the Angola National Petroleum Company for the RED social housing project in September 2010. The agreement includes the design, procurement, construction and associated infrastructure for social housing in 20 locations across of 14 Angolan provinces and cities.
Located in the southern part of Luanda with a total construction area of 910,000m2, this project has a contract value of US$1.47 billion. CITIC Construction is the EPC contractor. Once completed, the project will provide 8,000 apartments, along with associated infrastructure and urban facilities. By the end of 2014, more than 80% of the project had been completed.
Malanje Agricultural Project, Angola
Located in Malanje province in the east of Luanda, this project involves the reclamation of 8,000 hectares of corn and soya bean fields and the construction of a 22,400-tonne corn powder processing plant with storage and drying facilities. The total contract value of this project is US$118 million. By the end of 2014, about 90% of the project had been completed. The plantation, harvesting and processing are now underway in a project that has seen CITIC Construction expand into the agricultural sector.
