Sep 20 2010
China State Construction International Holdings Limited (“CSCI” or “The Group”, Stock Code: 03311) is delighted to announce the Group recently secured the Contract of Central-Wanchai Bypass (Tunnel of Causeway Bay Typhoon Shelter Section).
The contract, which has a total value of about HK$5.38 Billion, is the single largest construction contract CSCI has ever undertaken individually. The construction period is about 64 months and the client is Highways Department of Hong Kong S.A.R. Government. The project includes the construction of a 200-meter former Wanchai public cargo area, a 400-meter long tunnel of Causeway Bay Typhoon Shelter, a 200-meter long tunnel located under Hung Hom Tunnel and other related works.
In addition, the contract value of Shijiazhuang Lerthai Centre, which CSCI won in February 2010, decreased from HK$2.27 Billion announced in February to HK$300 Million due to the change of contract type from regular construction to “Project Management”. Therefore, the gross profit of such project is expected to be unchanged but with lower revenue contribution.
Due to the influence of contract type change in Shijiazhuang Lerthai Centre and the winning of Central-Wanchai Bypass, CSCI has secured a new contract value of HK$23.20 Billion year to date, which represents a 116% completion of full year target.
Source: http://www.csci.com.hk/