CSCEC holds 2019 annual shareholder meeting

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On May 25, China State Construction Engineering Corporation (CSCEC) held its 2019 annual shareholder meeting in Beijing. CSCEC Chairman Zhou Naixiang presided over the meeting. Yang Chunjin and Jia Chen, independent directors, Gao Lieyang, chairman of the board of supervisors, Wang Yunlin, vice president and chief financial officer, and Xue Keqing, secretary of the board, attended the meeting.

The meeting deliberated 15 motions, including "CSCEC 2019 Directors' Report," "CSCEC 2019 Independent Directors' Report," and "CSCEC 2019 Supervisors' Report," and put them to a live vote in accordance with the rules of procedures. An online voting session took place concurrently.

CSCEC kept a steady growth in 2019 and became the only enterprise in the global construction industry with both new contract value and total operating revenue crossing 1 trillion yuan. It received 28 Luban Prize awards and 64 National Quality Engineering Awards, becoming an outright winner in the construction industry. It ranks 21st in the latest Fortune 500 list, and first among Engineering News-Record's Top 250 Global Contractors. As its global capacities and brand influences rose substantially, CSCEC also reinforced its standing as the largest construction investment corporation worldwide. On behalf of the board of the directors, Zhou expressed gratitude towards shareholders and investors' long-term trust and support.

In early 2020, CSCEC made substantial contributions to the battle against the COVID-19 epidemic in China. It constructed approximately 100 emergency facilities, the most prominent being the Huoshenshan and Leishenshan hospitals. At present, while normalizing epidemic prevention and control, CSCEC is making advances on all fronts – reform, development, production, and operation.

CSCEC has maintained steady business in 2020. According to the most recent data, the value of newly signed contracts through April this year amounted to 829.7 billion yuan. The construction business accounted for 739 billion yuan, of which 49.8 billion yuan came from overseas construction projects, a rise of 85.1% compared to last year. The housing construction area increased by around 1.28 billion square meters, up 9.2% from last year. In real estate business, the value of contracted sales reached 90.7 billion yuan, and the contracted sales area hit 4.81 million square meters. At the end of the reporting period, the company had banked 122.81 million square meters of land, with newly purchased land totaling 2.43 million square meters.

In April, the monthly production values of CSCEC's projects, such as Yunnan High School, Hengqin Port, and Zhengzhou Huarui Optoelectronics Industrial Park, crossed 100 million yuan. The production value of the Yunnan High School project even reached as high as 700 million yuan.

Zhou stressed that the whole corporation must focus on the strategic goals of establishing a global top-tier enterprise with strengths on "five fronts," overcome the setbacks brought by COVID-19, push forward a steady and healthy operation and development, reach for exceptional performance to reward shareholders, and give back to society.

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