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CCCC has expanded its overseas presence in recent years， inking deals to acquire U.S. and Australian firms and working on a $1.4 billion port project in Sri Lanka. State-owned China Communications Construction Co. （CCCC） has agreed to buy Canada’s largest publicly listed infrastructure construction company Aecon Group Inc. for CA$1.45 billion （$1.13 billion）. Under the proposed deal， which is subject to Canadian government regulatory approval and an Aecon shareholders vote， the Torontobased company would become a wholly owned subsidiary of CCCC’s overseas investment unit. The plans calls for Aecon to be eventually delisted from the Toronto Stock Exchange， CCCC said in a Hong Kong Stock Exchange filing. The board of directors at Aecon — a builder of bridges， mining facilities， skyscrapers and airports — has been actively seeking a buyer， according to a company press release. The board welcomed CCCC’s bid， the company said， and has unanimously recommended shareholders approve the buyout when they meet in December. The deal values Aecon shares at CA$20.37 per share， a 42% premium on Aecon’s closing price the day before the deal was announced. An Aecon takeover would give CCCC“a strong presence in the attractive Canadian market” said the Chinese company， which is listed in Hong Kong and Shanghai. Aecon would retain its name， Canadian headquarters and management team after the buyout， the filing said. CCCC bought the U.S. engineering company Friede Goldman United Ltd. for $125 million in 2010 and the Australian construction firm John Holland Group for $879 million in 2015. It’s currently leading a $1.4 billion port construction project in Colombo， Sri Lanka.
China to Emphasize Quality Over Speed for Economic Growth
The omission of new gross domestic product growth targets “was meant to better carry out our new development principle，” the vice minister of the Office of the Central Leading Group on Financial and Economic Affairs said. The omission of new economic-growth targets in China’s latest development blueprint reflects top leaders’ determination to prioritize the quality of growth over speed， a senior official said. President Xi Jinping did not mention a longterm target of domestic gross product（GDP） growth beyond 2020 last week， when he unveiled the road map for the country’s economy through 2050 at the twice-a-decade National Party Congress.As the second-largest economy after the U.S.， China’s official growth targets are always closely watched globally. In previous party congresses， top leaders had announced its goal of doubling China’s GDP and per-capita income by 2020 from 2010. “China’s economy has transitioned into a stage of high-quality development from the stage of highspeed growth，” Yang Weimin， vice minister of the Office of the Central Leading Group on Financial and Economic Affairs， told reporters. The omission of new targets “was meant to better carry out our new development principle，”Yang said.“We must address imbalances and insufficiencies in the economy through （improving） quality， efficiency and （growth） drivers，” he added. Premier Li Keqiang in March announced China aims to achieve a GDP growth of “around 6.5% or higher if possible in practice”. The goal is set to be reached as cumulative GDP for the first nine months rose by 6.9%. But the sustainability of growth remains a concern for top leaders， and the government has been pressing ahead with its socalled supply-side reform， which has so far focused on cutting excess industrial capacity such as coal and metals， and deleveraging the economy， especially the financial sector， local governments and state-owned enterprises. Next-Generation Rail Cars Track to Shanghai for Public Debut
A next-generation carriage that will add huge flexibility to China’s highspeed train fleet made its debut in Shanghai in October， sporting a new double-decker design and the potential for specialty short trains to accommodate VIPs. Dubbed with the temporary name of 3X， the new cars should help China Rail Corp.， the national rail operator， in its march to operational profitability， as it seeks to squeeze more money out of its state-of-the-art highspeed rail network， the world’s biggest. Despite its state-of-the-art nature， China’s current fleet of high-speed trains are relatively inflexible， limited by technology constraints to either eight or 16 carriages. The new carriages will eliminate those limitations， allowing for trains from as short as two carriages， which could be used to transport VIPs， to as many as 16. In addition to their flexibility to meet demand based on seasonal patterns， the new design will also allow for removal of individual cars for maintenance. With the current technology， entire trains must be taken out of service just to make repairs or perform other maintenance to a single carriage. The new design will also feature double-decker capabilities for all cars， including dining， sleepers and regular seating， which will increase capacity by about 50%， officials said， in introducing the new designs that will allow a single train to carry more than 1，500 people. Trains will be able to travel at maximum speeds of 350 kph （217.5 mph）， matching the new maximum recently rolled out along the popular Shanghai-toBeijing line. Most other trains currently travel at a maximum speed of 300 kph. China has spent hundreds of billions of dollars over the last decade building a 22，000-kilometer state-of-the-art highspeed rail network， aiming to create a viable travel alternate for flying along popular shorter routes in the country. It also wants to develop high-tech products that can be exported， and has become an aggressive bidder for highspeed rail projects in both developing and developed markets. That aggressive expansion was a driving factor behind the merger announced in September between the rail operations of two of its chief global rivals， France’s Alstom and Germany’s Siemens. The latter was also showing off its own next-generation rail car， the ICE4， at the Shanghai event in October. Like the 3X， the Siemens model can be arranged in train configurations of five to 14 carriages， though its maximum speeds are slower， at 230 kph. The Siemens model has been in testing trials for about a year. The 3X is still undergoing testing at the factory where it is being built by CRRC Corp. Ltd.， the nation’s main rail-equipment builder， in the city of Tangshan in North China’s Hebei province. A timetable for the Chinese model’s commercial release has yet to be announced. Six Flags to Build Three New Parks in China
Well-known U.S. amusement park operator Six Flags Entertainment Corp. said it will add three more projects to its two theme parks currently under construction in China. The Texasbased company is currently building a Six Flags park in coastal Zhejiang province and one in the interior city of Chongqing. It said it would be adding a Kids World — designed especially for families with young children — in both locations， as well as an Adventure Park， which offers high-energy outdoor thrills， at the Chongqing location. The two projects already under construction are expected to open in 2019 and 2020. The newly announced three will be finished in 2020， Six Flags said. As the world’s most populous nation and with rising disposable incomes， China is expected to surpass the U.S. as the world’s largest theme-park market by 2020， when it will attract an estimated 221 million people a year， according to U.S. consulting firm AECOM. “There is great demand for leisure experiences in China，” said Zhe Li， chairman of Six Flag’s Chinese partner， Riverside Investment Group. Theme parks， especially ones tailored to children， expected to experience strong growth in the coming years in China， particularly since the country’s family planning rules were relaxed to allow families to have a second child. Six Flags arrived later than its rivals to the lucrative China market， only selecting a location for its first park in 2014. The Walt Disney Co. chose Shanghai as its spot on the Chinese mainland in 2009 and opened its park in 2016. Chinese developers， with brands such as Chimelong， Wanda and Happy Valley— which dominated the market before Disney arrived — have also increased their presence. For example， Fantawild Holdings Inc.， which owns 22 theme parks in China， plans to build another 18 by 2020.
Regulators Eye Illegal Price-Setting in Property Market
Chinese regulators will increase scrutiny over home price-setting in a nationwide inspection， signaling that policies to curb speculation in the real estate market will continue. The announcement of the greater oversight came a day after the conclusion of a twice-a-decade national party congress， which sets the tone for the country’s development. The inspection will take aim at fraudulent price-setting by real estate developers and agencies， in a bid to prevent them from providing false or misleading information to homebuyers， according to a joint statement from the National Development and Reform Commission and the Ministry of Housing and Urban-Rural Development. The statement is in line with housing-market guidelines announced in October at the 19th National Party Congress， and is the first regulatory action following the important political event， said Yan Yuejin， research director of E-House China， a real estate consultancy.“Homes are for living， not for speculating on，” said Xi Jinping， who received another five-year term as head of the ruling Communist Party at the close of the congress. His statement echoed the regulatory bodies’rhetoric in their bid to contain rampant speculation in the market. The inspection — which will be carried out from Monday through Nov. 30 — will “punish those who violate the spirit of the guidelines in the market for new and existing home sales，” Yan added.
The check will also seek to uncover deliberate delays or suspensions of home sales that some developers employ when they expect a rebound in property prices， which have been subdued due to a raft of policies over the last few months.
China to Emphasize Quality Over Speed for Economic Growth
The omission of new gross domestic product growth targets “was meant to better carry out our new development principle，” the vice minister of the Office of the Central Leading Group on Financial and Economic Affairs said. The omission of new economic-growth targets in China’s latest development blueprint reflects top leaders’ determination to prioritize the quality of growth over speed， a senior official said. President Xi Jinping did not mention a longterm target of domestic gross product（GDP） growth beyond 2020 last week， when he unveiled the road map for the country’s economy through 2050 at the twice-a-decade National Party Congress.As the second-largest economy after the U.S.， China’s official growth targets are always closely watched globally. In previous party congresses， top leaders had announced its goal of doubling China’s GDP and per-capita income by 2020 from 2010. “China’s economy has transitioned into a stage of high-quality development from the stage of highspeed growth，” Yang Weimin， vice minister of the Office of the Central Leading Group on Financial and Economic Affairs， told reporters. The omission of new targets “was meant to better carry out our new development principle，”Yang said.“We must address imbalances and insufficiencies in the economy through （improving） quality， efficiency and （growth） drivers，” he added. Premier Li Keqiang in March announced China aims to achieve a GDP growth of “around 6.5% or higher if possible in practice”. The goal is set to be reached as cumulative GDP for the first nine months rose by 6.9%. But the sustainability of growth remains a concern for top leaders， and the government has been pressing ahead with its socalled supply-side reform， which has so far focused on cutting excess industrial capacity such as coal and metals， and deleveraging the economy， especially the financial sector， local governments and state-owned enterprises. Next-Generation Rail Cars Track to Shanghai for Public Debut
A next-generation carriage that will add huge flexibility to China’s highspeed train fleet made its debut in Shanghai in October， sporting a new double-decker design and the potential for specialty short trains to accommodate VIPs. Dubbed with the temporary name of 3X， the new cars should help China Rail Corp.， the national rail operator， in its march to operational profitability， as it seeks to squeeze more money out of its state-of-the-art highspeed rail network， the world’s biggest. Despite its state-of-the-art nature， China’s current fleet of high-speed trains are relatively inflexible， limited by technology constraints to either eight or 16 carriages. The new carriages will eliminate those limitations， allowing for trains from as short as two carriages， which could be used to transport VIPs， to as many as 16. In addition to their flexibility to meet demand based on seasonal patterns， the new design will also allow for removal of individual cars for maintenance. With the current technology， entire trains must be taken out of service just to make repairs or perform other maintenance to a single carriage. The new design will also feature double-decker capabilities for all cars， including dining， sleepers and regular seating， which will increase capacity by about 50%， officials said， in introducing the new designs that will allow a single train to carry more than 1，500 people. Trains will be able to travel at maximum speeds of 350 kph （217.5 mph）， matching the new maximum recently rolled out along the popular Shanghai-toBeijing line. Most other trains currently travel at a maximum speed of 300 kph. China has spent hundreds of billions of dollars over the last decade building a 22，000-kilometer state-of-the-art highspeed rail network， aiming to create a viable travel alternate for flying along popular shorter routes in the country. It also wants to develop high-tech products that can be exported， and has become an aggressive bidder for highspeed rail projects in both developing and developed markets. That aggressive expansion was a driving factor behind the merger announced in September between the rail operations of two of its chief global rivals， France’s Alstom and Germany’s Siemens. The latter was also showing off its own next-generation rail car， the ICE4， at the Shanghai event in October. Like the 3X， the Siemens model can be arranged in train configurations of five to 14 carriages， though its maximum speeds are slower， at 230 kph. The Siemens model has been in testing trials for about a year. The 3X is still undergoing testing at the factory where it is being built by CRRC Corp. Ltd.， the nation’s main rail-equipment builder， in the city of Tangshan in North China’s Hebei province. A timetable for the Chinese model’s commercial release has yet to be announced. Six Flags to Build Three New Parks in China
Well-known U.S. amusement park operator Six Flags Entertainment Corp. said it will add three more projects to its two theme parks currently under construction in China. The Texasbased company is currently building a Six Flags park in coastal Zhejiang province and one in the interior city of Chongqing. It said it would be adding a Kids World — designed especially for families with young children — in both locations， as well as an Adventure Park， which offers high-energy outdoor thrills， at the Chongqing location. The two projects already under construction are expected to open in 2019 and 2020. The newly announced three will be finished in 2020， Six Flags said. As the world’s most populous nation and with rising disposable incomes， China is expected to surpass the U.S. as the world’s largest theme-park market by 2020， when it will attract an estimated 221 million people a year， according to U.S. consulting firm AECOM. “There is great demand for leisure experiences in China，” said Zhe Li， chairman of Six Flag’s Chinese partner， Riverside Investment Group. Theme parks， especially ones tailored to children， expected to experience strong growth in the coming years in China， particularly since the country’s family planning rules were relaxed to allow families to have a second child. Six Flags arrived later than its rivals to the lucrative China market， only selecting a location for its first park in 2014. The Walt Disney Co. chose Shanghai as its spot on the Chinese mainland in 2009 and opened its park in 2016. Chinese developers， with brands such as Chimelong， Wanda and Happy Valley— which dominated the market before Disney arrived — have also increased their presence. For example， Fantawild Holdings Inc.， which owns 22 theme parks in China， plans to build another 18 by 2020.
Regulators Eye Illegal Price-Setting in Property Market
Chinese regulators will increase scrutiny over home price-setting in a nationwide inspection， signaling that policies to curb speculation in the real estate market will continue. The announcement of the greater oversight came a day after the conclusion of a twice-a-decade national party congress， which sets the tone for the country’s development. The inspection will take aim at fraudulent price-setting by real estate developers and agencies， in a bid to prevent them from providing false or misleading information to homebuyers， according to a joint statement from the National Development and Reform Commission and the Ministry of Housing and Urban-Rural Development. The statement is in line with housing-market guidelines announced in October at the 19th National Party Congress， and is the first regulatory action following the important political event， said Yan Yuejin， research director of E-House China， a real estate consultancy.“Homes are for living， not for speculating on，” said Xi Jinping， who received another five-year term as head of the ruling Communist Party at the close of the congress. His statement echoed the regulatory bodies’rhetoric in their bid to contain rampant speculation in the market. The inspection — which will be carried out from Monday through Nov. 30 — will “punish those who violate the spirit of the guidelines in the market for new and existing home sales，” Yan added.
The check will also seek to uncover deliberate delays or suspensions of home sales that some developers employ when they expect a rebound in property prices， which have been subdued due to a raft of policies over the last few months.