China State Construction International Holdings

What China State Construction International Holdings does

China State Construction International Holdings Limited (CSCI, HKEX: 3311) is a Hong Kong-listed, vertically integrated construction contracting and infrastructure investment company headquartered in Wan Chai. Operating since 1979 and listed since July 2005, CSCI is the construction flagship of state-owned parent China Overseas Holdings Limited (COHL, ~64.66% shareholder), itself part of the China State Construction Engineering Corporation (CSCEC) group. The company reports through two core segments: (1) Construction Contracting covering building and civil engineering works across Hong Kong, Macau, and Mainland China, and (2) Infrastructure Investment deploying capital into PPP, BT, and BOT projects in Mainland China spanning affordable housing, utility tunnels, sponge cities, and industrial parks. CSCI is the largest contractor in Hong Kong and Macau, with a >HKD 300 billion order backlog and FY2025 revenue of RMB 100.45 billion. Subsidiary China State Construction Development (HKEX: 830) adds a high-end curtain wall and facade business serving Hong Kong, Macau, North America, and Australia.

CSCI's revenue mix blends one-time construction contracting with longer-cycle infrastructure investment returns. Construction contracts — covering public housing, civil engineering, hospitals, hotels, and casino complexes — are won via competitive tendering (Hong Kong and Macau government) or negotiated arrangements (large private developers such as Galaxy Entertainment Group's Cotai Phase 4, the largest contract in CSCI history at ~HK$12.63 billion). Infrastructure investment revenue is generated through government payments, user fees, and equity returns across PPP/BT/BOT projects, where investment participation is leveraged to win adjacent construction mandates. The company also captures revenue through its China Overseas Property Holdings services cooperation agreement and third-party construction management via subsidiary Hailong Construction Technology. Pricing is project-specific and not publicly disclosed.

Technology and sustainability are central to the competitive proposition. Proprietary platforms include C-SYS+ (architecture for construction operations and sustainability governance), C-SMART (digital project management platform), and Modular Integrated Construction (MiC) developed jointly with Harbin Institute of Technology. A strategic cooperation with Advanced Solar Power supports building-integrated photovoltaics (BIPV) integration. ESG is a moat: MSCI ESG upgraded to A in 2026 (industry-first in China, four consecutive years of rating improvement), China Chengxin AA+ in 2025, Wind ESG AA in 2025, and ongoing FTSE4Good inclusion since 2017. The company funds itself via both rights issues backed by the parent (HK$6.36 billion in 2017) and diversified capital market instruments (US$800M guaranteed notes in 2017, US$500M senior perpetual in 2018), rated Baa2/BBB+ by Moody's and Fitch respectively.

Name

China State Construction International Holdings

Legal name

China State Construction International Holdings Limited

Website

https://csci.com.hk

Company type

Public

Founded year

1979

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

China State Construction International Holdings is a Hong Kong-listed, state-backed construction contracting and infrastructure investment company operating as the largest contractor in Hong Kong and Macau, with PPP/BT/BOT projects across Mainland China and FY2025 revenue of RMB 100.45 billion.

Ownership category

akta.pro rank

Product category

Construction Services

NAICS

Commercial and Institutional Building Construction (236220), Heavy and Civil Engineering Construction (237)

SIC

General Bldg Contractors - Nonresidential Bldgs (1540), Heavy Construction Other Than Bldg Const - Contractors (1600)

akta.pro primary industry

Office & Corporate Building Construction (IMAFACAA)

akta.pro secondary industry

Government & Civic Building Construction (Courthouses, City Halls, Public Safety) (IMAFACAF)

Keywords

• Construction contracting
• Infrastructure investment
• Civil engineering
• Building construction
• Prefab construction

Headquarters

HQ city

Wan Chai

HQ country

Hong Kong SAR China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Infrastructure, Technology or R&D

Revenue model

1. Construction Contracting: Core revenue from construction contracts in Hong Kong, Macau, and Mainland China covering public housing, civil infrastructure, hotels, and commercial buildings. Revenue is project-based, one-time at contract level with long execution cycles.
2. Infrastructure Investment (PPP/BT/BOT): Long-term infrastructure investments in Mainland China under PPP, BT, and BOT models. Investment projects provide recurring income streams through government payments, user fees, and equity returns. The company actively manages project portfolios for revolving development.
3. Curtain Wall / Building Envelope (via CSCD subsidiary): Design, fabrication, and installation of curtain wall and facade systems for high-end projects in Hong Kong, Macau, Mainland China, and North America through subsidiary China State Construction Development (830.HK).

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

China State Construction International Holdings is a Hong Kong-headquartered construction and infrastructure investment company engaged in building and civil engineering construction contracting, as well as infrastructure investment projects typically executed under Build-Operate-Transfer (BOT), Public-Private Partnership (PPP), and other concession models. Its portfolio spans public infrastructure, commercial and residential buildings, and modular/prefabricated construction works primarily across Mainland China, Hong Kong, and Macau.

Product overview

China State Construction International Holdings operates as a vertically integrated construction and infrastructure investment conglomerate. The company operates through two core business segments: (1) Construction Contracting Business providing building and civil engineering services across Hong Kong, Macau, and Mainland China, and (2) Infrastructure Investment Business focusing on PPP projects, affordable housing, and urban development in Mainland China. The company also operates subsidiary China State Construction Development (830.HK) for curtain wall and facade solutions. Technology offerings include Modular Integrated Construction (MiC), C-SYS+ Architecture, C-SMART Management Platform, and Prefabricated Construction systems. The company was listed on Hong Kong Stock Exchange in July 2005 and serves as the construction flagship of China Overseas Holdings Limited.

Differentiator

Problem solved

Functional benefit

Brands

• C-SYS+ Architecture: Innovative technology system developed by CSCI for construction management
• C-SMART Management Platform
• MiC (Modular Integrated Construction)

Products and services

• Construction Contracting
• Infrastructure Investment
• Modular Integrated Construction (MiC)

Quantifiable outcome

• 2025 revenue: RMB 100.45 billion, profit attributable: RMB 8.59 billion with 0.3% YoY profit growth despite 4.6% revenue decline
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core and minor.

• China Overseas Property Holdings Limited (COPL Group)coreStrategic or Co-development Partner · 29 April 2026CSCI renewed its services cooperation framework with China Overseas Property Holdings through a new three-year agreement (July 1, 2026 to June 30, 2029), allowing COPL Group to bid on property management and related services such as gardening, interior finishing, and plan vetting for CSCI's properties and construction sites. Both entities are controlled by China Overseas Holdings, qualifying as a continuing connected transaction under Hong Kong listing rules.
• Galaxy Entertainment Group Limited (GEG)coreStrategic or Co-development Partner · 22 February 2021CSCI subsidiary China Construction Engineering (Macau) Company Limited entered into a Letter of Intent with Galaxy Cotai Project Management Limited (GEG subsidiary) for the provision of construction and related services for GEG's Cotai Phase 4 Project with contract sum of approximately MOP 13.01 billion (HK$12.63 billion), the largest wholly conducted contract in CSCI's history.
• Leighton Contractors (Asia) LimitedminorStrategic or Co-development Partner · 11 July 2016China State Construction Engineering (Hong Kong) Limited formed a joint venture with Leighton Contractors (Asia) Limited to win the Tseung Kwan O – Lam Tin Tunnel project with total contract value of approximately HK$8.73 billion. CSCI holds 49% stake, with attributable contract value of approximately HK$4.28 billion.

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Shanghai Construction Group Co., Ltd. Shanghai-listed (600170.SH) state-owned construction and infrastructure investment group; comparable regional Chinese contractor with combined contracting and PPP investment business.
• Metallurgical Corporation of China: Hong Kong- and Shanghai-listed (1618.HK / 601618.SH) state-owned contractor in industrial, infrastructure, and real estate construction; comparable as another SOE contractor with PPP exposure and similar Mainland-China-centric revenue base.
• China Railway Construction Corporation: Hong Kong- and Shanghai-listed (1186.HK / 601186.SH) major state-owned contractor focused on rail, municipal, and infrastructure works; directly comparable as a large Chinese construction peer with similar government client base.
• Beijing Construction Engineering Group: Beijing-based state-owned construction group with diversified building and infrastructure operations; comparable as a major regional Chinese contractor competing for similar government and commercial projects.
• China Communications Construction Company Limited: Hong Kong-listed (1800.HK) state-owned infrastructure construction company with comparable PPP/investment-plus-construction model across Mainland China and overseas, making it the closest direct peer in scale and business mix.
• China Railway Group Limited: Hong Kong- and Shanghai-listed (0390.HK / 601390.SH) state-owned contractor active in rail, urban infrastructure, and PPP projects; comparable in scale, government-client dependency, and integrated investment-plus-construction model.
• China Energy Engineering Corporation Limited: Hong Kong-listed (3996.HK) state-owned contractor covering energy, power, and infrastructure construction; comparable in size, government client base, and integrated investment-and-construction approach in Mainland China.

Broad incumbents

• China State Construction Engineering Corporation: Shanghai-listed (601668.SH) ultimate parent group and world's largest construction company by revenue; CSCI is its HK-listed construction flagship. Broad incumbent that overlaps heavily but operates at much larger scale and broader geographic scope.
• Skanska AB: Sweden-listed global construction and project development company with strong ESG positioning and integrated contracting-plus-investment model; comparable as a large international incumbent with similar ESG leadership and infrastructure focus.

Regional players

• Gamuda Berhad: Malaysian-listed infrastructure and construction conglomerate with integrated construction-plus-concession model (including water and expressway PPPs); comparable business model in a different Asia-Pacific geography.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/china-state-construction-international-holdings-limited-3311

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about China State Construction International Holdings