China State Construction Signs Abu Dhabi Deal

China State Construction Engineering Corp.  601668.SH -0.30% said Wednesday it has signed a memorandum of cooperation on the first phase of a real estate project worth $2 billion with Abu Dhabi sovereign-wealth fund Aabar Investments PJS and Industrial and Commercial Bank of China Ltd.  1398.HK -0.60%

The Shanghai-listed construction company will undertake the construction of hotels, office buildings and high-end residential buildings in Abu Dhabi, while ICBC will provide financial support to Aabar, which would in turn get its revenue from oil trading for repayment, it said in a statement.



Article by Links Group on May 10th 2012