Housing Market In China
Housing was allocated directly by the government until the mid-1990s, when homeownership was first introduced. The five largest construction companies in China are 100% state owned. In 2009, they generated $21.8 billion in overseas revenue, according to the China International Contractors Association, a trade group.
Chinese contractors already do substantial business abroad, ranking sixth worldwide in terms of international business, according to the China International Contractors Association. The trade group estimates that total overseas contracting revenue will reach $50 billion by 2014, up from $21.8 billion in 2009.
Chinese construction companies are also gaining ground in Africa. As part of its strategy to gain access to overseas oil deposits, China has been offering aid packages to countries such as Nigeria and Sudan as inducements to award exploration territory to Chinese oil companies. These projects often are carried out by Chinese contractors.
In 2009, Chinese construction companies were awarded $6.3 billion in contracts in Africa. A consortium made up of Citic Group and China Railway Construction won a $7 billion contract to build a highway in Algeria in May 2010.