Chinese port firm to boost investment assets -paper

Port construction and design company China Communications Construction Co <1800.hk> will aim for a five-fold increase in direct investment assets to 100 billion yuan over the next 5 to 10 years from the current 20 billion yuan, South China Morning Post reported on Monday.

The newspaper cited chairman Zhou Jichang as saying China Communication Construction would look for direct investments that could generate higher returns in areas including infrastructure, land reclamation, property, mineral resources and pre-initial public offering projects.

Existing core businesses in infrastructure design, construction, dredging and port machinery manufacturing will continue to provide a stable income, Zhou said.

Zhou also said investment in pre-listed companies would comprise about 5 percent of total direct investment assets, while long-term investment would account for up to about 50 percent with the remainder to be allocated to medium-term investments.

The Beijing-based company is also interested in investing in the cross-delta bridge linking Hong Kong, Macau and Shenzhen, Zhou added.

(US$1=HK$7.8)