Shanghai to spend CNY100 billion on infrastructure projects
July 9, 2012 Category Macro-economy, Weekly
Shanghai plans to spend more than CNY100 billion in the next few years on infrastructure projects ranging from roads and bridges to affordable housing. Shanghai Chengtou Corp says it will partly fund the projects by issuing CNY2.5 billion of one-year bonds. Chengtou has some 77 infrastructure projects lined up over the next few years, with a total investment budget of CNY105.2 billion. “As the main infrastructure construction firm of the Shanghai government and Shanghai’s largest infrastructure conglomerate, our funding needs are large. In recent years, the scale of Shanghai’s infrastructure construction has continued to increase, and that may bring financial pressure on the company in future,” the firm’s prospectus said. This year, Chengtou will invest CNY17 billion in infrastructure projects, of which CNY3.2 billion has already been spent from January to April. Its debt stood at CNY100.9 billion at the end of March, with a gearing ratio of 56.9%.
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