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Wednesday May 18, 12:17
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Beijing Capital up $700 mln before going public
(by Olivia Cohen)
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Beijing Capital Group has an option to raise $700 million selling a stake before planned going public in the first half of 2006. The company is planning several infrastructure projects ahead of the 2008 Olympics.
Beijing Capital has seven publicly traded units and plans to the proceeds to build highways, water-generation plants and to improve gas distribution in the city, according to the company’s President Liu Xiaoguang. ``These projects are in severe shortage in China. We need more highways and large- scale water plants,” Mr. Liu said.
The 2008 summer Olympics that are to be held in Beijing demand stadiums and gymnasiums for the event. China plans to use 380,000 metric tons of steel or 0.1% of its output last year, for the 2008 Olympics.
The Olympic Games organizing committee said in December that investment plan for the Olympics is $2 billion. Construction costs for Beijing Olympic projects are expected to be cut by as much as 6 billion yuan ($725 million), China’s officials said.
China is opening the local market to companies abroad pressed by the World Trade Organization. Many companies in China, such as Beijing Capital, Bank of China Ltd. and Shanghai Automotive Industries Corp., are now searching for the ways to go public to expand on the market within the strong competition with foreign rivals.
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