China Railway Construction Corporation

China Railway Construction Corporation Limited

Company type	Public
Industry	Construction, Engineering, Real estate, Mining
Founded	2007
Founder	China Railway Construction Corporation Group
Headquarters	Beijing , China
Area served	Worldwide
Products	Construction and engineering services, real estate development, copper mining
Parent	China Railway Construction Corporation Group

China Railway Construction Corporation Limited (abbreviated as CRCC) is a publicly traded construction firm headquartered in Beijing. In 2014, it ranked as the second-largest construction and engineering company worldwide based on revenue.

Established in 2007, CRCC was created to list the assets of its parent entity, China Railway Construction Corporation Group (CRCCG), on both the Shanghai and Hong Kong stock markets. The parent company retained certain assets deemed unsuitable for public offering.

Despite the 2022 invasion of Ukraine by Russia, CRCC continued its operations within Russia, including intentions to construct a tunnel connecting to Crimea. As a result, Ukraine designated CRCC as an International Sponsor of War.

Corporate structure

The China Railway Construction Corporation Group is overseen by the State-owned Assets Supervision and Administration Commission of the State Council. Since February 2008, CRCC’s A shares and H shares have been publicly traded on the Shanghai and Hong Kong stock exchanges respectively.

The parent group does not release its financial statements to the public. Due to the similarity in English names between the parent company and its publicly listed subsidiary—which differ in Chinese—media sources frequently confuse their business operations.

CRCC’s subsidiaries

• China Railway Bureau Groups 11 through 25 (Bureaus 1 to 10 belong to rival China Railway Engineering Corporation)
  • China Railway Construction Bridge Engineering Bureau Group Co., Ltd. (previously the 13th Bureau)
• China Civil Engineering Construction Corporation (CCECC)
• CRCC High-tech Equipment (CRCCE)
• China Railway Construction Group Ltd.
• China Railway Electrification Bureau Group Co., Ltd.
• China Railway Real Estate Group Co., Ltd.
• China Railway Goods and Materials Co., Ltd.
• Kunming China Railway Large Maintenance Machinery Co., Ltd.
• China Railway Construction Investment Co., Ltd.
• CRCC Finance Company Limited
• China Railway Urban Construction Group Co., Ltd.
• CRCG (M) Sdn Bhd (formerly known as China Railway Oversea Engineering (M) Sdn Bhd)
• China Railway SIYUAN Survey and Design Group Co., Ltd.

Origins

Tracing back to 1948 as the railway division of the People's Liberation Army, CRCC was integrated into the Ministry of Railways in 1982. Alongside China Railway Engineering Corporation, it remained under this ministry's jurisdiction until 2000. The corporation continues to maintain connections with the People's Liberation Army.

In 2003, China Civil Engineering Construction Corporation, another former ministry-affiliated entity, became a subsidiary under CRCCG.

Initial Public Offering

In preparation for its stock market debut, China Railway Construction Corporation Limited was formed in 2007 as a limited liability joint-stock company, absorbing most of its parent’s assets. Initially, five build-operate-transfer projects—including Chongqing Tiefa Suiyu Highway—were excluded. In 2015, CRCC acquired Chongqing Tiefa Suiyu Highway from its parent company while holding a 20% interest alongside Chongqing Expressway Co., Ltd.

The company launched its shares on both Shanghai and Hong Kong exchanges in February 2008, securing US$5.7 billion—marking the second-largest IPO globally that year. Nevertheless, performance was hindered by difficult investment conditions linked to the US subprime mortgage crisis and China's macroeconomic policies.

U.S. sanctions

In November 2020, an executive order (Executive Order 13959) was issued by Donald Trump prohibiting U.S. individuals and companies from holding shares in entities identified by the United States Department of Defense as affiliated with the People's Liberation Army, among them China Railway Construction Corporation.

Domestic

China Railway Construction Corporation has played a key role in advancing China's transportation network, encompassing high-speed railways, urban subway systems, and expressways.

• The Beijing–Shanghai High-Speed Railway project commenced in April 2008, with commercial operations starting in June 2011.

Asia

• Bangladesh - CRCC secured a contract valued at $1.062 billion alongside Italthai Industrial Group to construct Bangladesh’s inaugural elevated expressway, the Dhaka Elevated Expressway.
• Cambodia - CRCC performed feasibility analyses for railway double tracking and electrification on the Phnom Penh–Stung Treng–Siem Reap route, as well as urban rail transit systems within Phnom Penh.
• Pakistan - In November 2015, CRCC entered a $1.5 billion joint venture with Pakistan’s Zahir Khan and Brothers to develop the Lahore–Multan section of the Karachi–Lahore Motorway.
• Malaysia - CRCG (M) Sdn Bhd manages various construction projects including:
  • Four Seasons Hotel, Kuala Lumpur
  • Coronation Square Tower 5, Johor
  • Plaza Rakyat, Kuala Lumpur
  • Dorsett Waterfront Subang, Selangor
  • Coral Bay, Sabah

Middle East and North Africa

• Algeria - A consortium of CRCC and CITIC executed the Central and Western segments of the Algeria East–West Highway under a $6.25 billion agreement.
• Egypt - China Civil Engineering Construction Corporation was awarded a $600 million contract in April 2015 to upgrade railway tracks.
• Libya - In 2008, CRCC secured a $2.6 billion contract for constructing a 352 km coastal railway from Khoms to Sirte, as well as an 800 km iron ore transport line from Sabha to Misrata.
• Saudi Arabia - CRCC received a contract worth 6.7 billion Saudi riyal in 2009 to build the initial 18 km segment of the Mecca Metro. The project experienced financial losses that were offset by subsidies from its state-owned parent company.
• Turkey - A consortium led by CRCC alongside local partners completed the Ankara-Istanbul high-speed railway, which commenced operation in 2014.
• UAE - CRCC is responsible for constructing the national rail network known as Etihad Rail, with plans for future extensions underway.
• Qatar - Partnering with local firm HBK, CRCC formed a joint venture to build the Lusail Stadium, an 80,000-seat venue designated for the FIFA World Cup 2022 final, ranking among the largest stadiums in both Qatar and the Middle East.

Europe

• Russia
  • In 2014, an agreement was signed by Moscow’s mayor, Sergey Sobyanin, with China Railway Construction Corporation (CRCC) and China International Fund to develop the Troitskaya line of the Moscow Metro, financing construction through real estate projects near stations. By 2016, discussions resumed to divide construction responsibilities between Russian and Chinese teams. This deal later expanded to include the Kommunarskaya line plus three stations on the Bolshaya Koltsevaya line: Michurinsky Prospekt, Aminyevskoye Shosse, and Prospekt Vernadskogo.
  • In September 2020, CRCC International secured a contract to build the fifth segment of the Moscow-Kazan national highway, covering .

Africa

• Angola – In 2015, CRCC finalized a railway project valued at $1.83 billion.
• Mali – CRCC obtained a $1.5 billion agreement to enhance Mali’s rail infrastructure.
• Nigeria – A subsidiary of China Civil Engineering Construction Corporation secured a $3.5 billion contract in April 2015 for constructing a railway line through Ogun State.
• Senegal – CRCC entered into a $1.26 billion contract to upgrade the railway connecting Dakar to the border with Mali.

Other business areas

Beyond its core construction and engineering activities, the corporation is also engaged in real estate development and copper mining operations.