(Yicai Global) Nov. 6 -- A unit of state-backed construction conglomerate China Railway Construction recently penned an engineering and construction contract worth CNY11.3 billion (USD1.6 billion) with an Indonesian party, the Beijing-based parent announced yesterday.
The agreement between the CRC unit China Civil Engineering Construction and Indonesian property developer PT Sentul City includes design and construction of 30,000 affordable housing units in Jonggol in Indonesia's West Java province and an ancillary road network, dam and water treatment plant, the announcement noted. The city, which lies 40 kilometers to the southeast of the capital of Jakarta, has long been considered as a possible site for a new capital city.
The project, which is in two phases, will have durations of 48 and 60 months, respectively. The contract's value equals 1.55 percent of CRC's business revenue last year.
CRC is one of the largest comprehensive construction groups in China. It ranked 58th on the Fortune Global 500 list last year. The group's activities cover engineering, procurement and project construction, real estate, investment services, equipment manufacturing, financial services and newly-emerging sectors businesses.
Sentul City, West Java-based PT Sentul City develops, sells, operates and leases offices, shopping centers and recreational buildings, public information shows.
Editor: Ben Armour