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Construction Outlook in China, Freedonia

  • January 2015
  • -
  • Freedonia
  • -
  • 232 pages

Expenditures to rise nearly 9% annually through 2018

Construction expenditures in China are expected to rise 8.9 percent per annum in real terms through 2018. Ongoing industrialization, increasing urban population,
expanding foreign investment funding, rising personal income levels, and further population and household growth will all work to drive gains in construction activity
in China. In addition, government’s effort to improve the county’s infrastructure, expand municipal utilities, and balance regional economy disparity will also aid growth in construction spending. However, further growth will be constrained by a slowdown in the Chinese economy through the forecast period, especially in fixed asset investment.

Domestic spending on manufactured goods to fuel nonresidential building

Nonresidential buildings represented the largest segment of construction market in China, accounting for 38 percent of total construction spending in 2013. Further
advances will be driven by robust gains in consumer spending for manufactured goods and services from both at home and abroad, accommodative government policies and investment on transportation and energy infrastructures, such as power generation plants and airports, and greater foreign direct investment.

Government efforts, change in demographics to bolster residential construction

Residential construction expenditures accounted for slightly over one-third of overall construction spending in China in 2013. Residential building construction activity will be spurred by rising personal income levels and household growth as well as population migration from rural to urban areas in China. Government efforts to improve living conditions for low income earners (including construction of affordable and low rent houses in urban areas and subsidies for alterations of dilapidated farmhouses in rural areas) will also bolster residential building construction spending.

Northwest region to grow most rapidly

Although China is a single country, it consists of numerous distinct regional markets characterized by different climates, populations, and levels of economic development. Construction expenditures in the Northwest region are expected to enjoy the fastest growth of any region in China, growing nearly ten percent per annum in real terms through 2018. Gains will benefit from the government’s “Great Western Development” strategy and the abundant natural resources, which will result in sizable
increases in spending on infrastructure and manufacturing facilities in this area. However, the Central-East region, being home to about one-third of the country’s total population and economic output, will remain the largest regional market, accounting for 43 percent of the overall construction spending in China in 2018

Study coverage

This upcoming 250-page industry study, Construction Outlook in China, presents historic demand data (2003, 2008, 2013) plus forecasts (2018, 2023) by product, market, and region of China. The study also details market environment factors, evaluates company market share and profiles 37 global players.

Table Of Contents

Construction Outlook in China, Freedonia
INTRODUCTION x
I. EXECUTIVE SUMMARY 1
II. MARKET ENVIRONMENT 4
General 4
Economic Overview 5
Recent Economic Performance 5
Economic Outlook 7
Demographic Overview 10
Population 11
Urbanization 14
Households 14
Industrialization and Manufacturing Trends 16
Gross Fixed Capital Formation Trends 19
Labor Force and Employment Patterns 20
Personal Income Trends 24
Banking System and Regulations 27
Currency Exchange Rates 31
Inflation and Pricing Patterns 34
Legal and Regulatory Environment 37
Construction Technology and Quality 41
The Twelfth Five-Year Plan 43
III. OVERVIEW 46
General 46
Construction Expenditures by Type 47
Construction Expenditures by Market 48
International Environment 52
Construction Expenditures for Selected Countries 53
Foreign Participation in China's Construction Industry 54
IV. RESIDENTIAL BUILDING 57
General 57
New Housing Construction Expenditures 61
New Housing Completions 64
Single Family 67
Multifamily 69
Additions and Alterations 71
Housing Stock 73
Single Family 76
Multifamily 78
Ownership 80
Living Space 81
Urban 84
Rural 85
V. NONRESIDENTIAL BUILDING 87
General 87
New Construction 90
Additions and Alterations 91
Structure Types 92
Industrial 94
Office and Commercial 95
Institutional 96
Other 97
Nonresidential Building Stock 98
VI. NONBUILDING 100
General 100
Structure Types 104
Roads and Other Transportation Infrastructure 106
Utilities 108
Other 109
VII. REGIONAL TRENDS 111
General 111
Regional Demographic and Economic Trends 113
Population Patterns 114
Economic Outlook 116
Regional Construction Expenditures 118
Central-North 120
Overview 120
Construction Expenditures 122
Northeast 124
Overview 124
Construction Expenditures 127
Central-East 129
Overview 129
Construction Expenditures 131
Central-South 133
Overview 133
Construction Expenditures 135
Southwest 137
Overview 137
Construction Expenditures 139
Northwest 141
Overview 141
Construction Expenditures 143
VIII. INDUSTRY STRUCTURE 146
General 146
Industry Composition 147
Market Share 151
Marketing 154
Financial Issues and Requirements 156
Capital Expenditures 157
Project Funding 159
State 159
Private Domestic 160
Foreign Investment 160
Company Profiles 161
AECOM Technology Corporation 162
Anhui Construction Engineering Group
Company Limited 164
Balfour Beatty plc 166
Bechtel Group Incorporated 168
Beijing Construction Engineering Group
Company Limited 169
Beijing MCC Equipment Research and Design,
see Metallurgical of China
Beijing Urban Construction Group Company Limited 171
Black and Veatch Holding Company 173
Bouygues SA 175
China Communications Construction Company Limited 177
China Gezhouba Group Company Limited 180
China Harbour Engineering, see China Communications
Construction
China National Chemical Engineering Company Limited 182
China National Machinery Industry Corporation 184
China Railway Construction Corporation Limited 186
China Railway Group Limited 188
China Road and Bridge, see China Communications
Construction
China State Construction Engineering Corporation 190
Chiyoda Corporation 192
CISDI Group, see Metallurgical of China
CTCI Corporation 194
Dongfang Electric Corporation 197
EandC Engineering, see CTCI
Fluor Corporation 198
Foster Wheeler AG 200
Fujian Construction Engineering Group Company 202
Gammon Construction, see Balfour Beatty
Guangdong Construction Engineering Group Corporation
Limited 204
Guangsha Holding Group Company Limited 205
Hebei Construction Group Company Limited 208
Hebei Petrochemical Design Institute, see Foster Wheeler
Hip Hing Construction China, see NWS Holdings
HOCHTIEF AG 210
Hunan Construction Engineering Group Corporation 211
Jacobs Engineering Group Incorporated 213
Jiangsu Suzhong Construction Group Company Limited 214
Jingding Engineering and Construction, see CTCI
Leighton Holdings, see HOCHTIEF
Lend Lease Corporation Limited 216
Metallurgical Corporation of China Limited 218
NWS Holdings Limited 221
Power Construction Corporation of China Limited 222
Qingjian Group Company Limited 224
Shaanxi Construction Engineering Group Corporation 225
Shang Ding Engineering and Construction, see CTCI
Shanghai Construction Group Company Limited 227
Shanghai Urban Construction Group Corporation 228
Sichuan Huashi Group Corporation Limited 229
Sinohydro, see Power Construction of China
SINOMACH, see China National Machinery Industry
URS, see AECOM Technology
WISDRI Engineering and Research Incorporation,
see Metallurgical of China
Zhejiang Construction Investment Group Company Limited 231

LIST OF TABLES

SECTION I -- EXECUTIVE SUMMARY
Summary Table 3
SECTION II -- MARKET ENVIRONMENT
1 Gross Domestic Product of China 10
2 Population of China 13
3 Households in China by Region 15
4 Manufacturing Value Added in China 18
5 Gross Fixed Capital Formation in China by Region 20
6 Employment Trends in China, 2003-2013 23
7 Per Capita Gross Domestic Product in China by Region 26
8 Interest Rates in China, 2003-2013 31
9 Chinese Currency Exchange Rates, 2003-2013 33
10 Construction Pricing Deflators in China 36
SECTION III -- OVERVIEW
1 Construction Expenditures in China by Type 48
2 Construction Expenditures in China by Market 51
3 Construction Expenditures for Selected Countries, 2003-2013 54
4 Foreign Participation in China's Construction Industry 56
SECTION IV -- RESIDENTIAL BUILDING
1 Residential Building Construction Expenditures in China
by Type 61
2 New Housing Construction Expenditures in China 63
3 New Housing Completions in China 66
4 Residential Building Addition and Alteration Expenditures
in China 73
5 Housing Stock in China by Type and Ownership 75
6 Average Living Space in China 83
SECTION V -- NONRESIDENTIAL BUILDING
1 Nonresidential Building Construction Expenditures in China
by Type 90
2 Nonresidential Building Construction Expenditures in China
by Structure 93
3 Nonresidential Building Stock in China 99
SECTION VI -- NONBUILDING
1 Nonbuilding Construction Expenditures in China by Type 103
2 Nonbuilding Construction Expenditures in China
by Structure 105
3 Paved Roads in China by Region 107
SECTION VII -- REGIONAL TRENDS
1 Population of China by Region 115
2 Gross Domestic Product of China by Region 117
3 Construction Expenditures in China by Region 119
4 Central-North Region of China: Construction Expenditures 124
5 Northeast Region of China: Construction Expenditures 129
6 Central-East Region of China: Construction Expenditures 133
7 Central-South Region of China: Construction Expenditures 137
8 Southwest Region of China: Construction Expenditures 141
9 Northwest Region of China: Construction Expenditures 145
SECTION VIII -- INDUSTRY STRUCTURE
1 Revenue Data: Selected Construction Companies, 2013 150

LIST OF CHARTS

SECTION II -- MARKET ENVIRONMENT
1 Population of China by Age, 2003-2023 13
2 Households in China by Region, 2003-2023 16
3 Employment Trends in China, 2003-2013 24
4 Per Capita Gross Domestic Product in China
by Region, 2013 27
5 Chinese Currency Exchange Rates, 2003-2013 34
SECTION III -- OVERVIEW
1 Construction Expenditures in China by Market, 2003-2023 52
SECTION IV -- RESIDENTIAL BUILDING
1 New Housing Construction Expenditures in China,
2003-2023 64
2 New Housing Completions in China, 2003-2023 67
3 Housing Stock in China by Type, 2003-2023 76
4 Average Living Space in China, 2003-2023 84
SECTION V -- NONRESIDENTIAL BUILDING
1 Nonresidential Building Construction Expenditures in China
by Structure, 2013 93
SECTION VI -- NONBUILDING
1 Nonbuilding Construction Expenditures in China
by Structure, 2013 105
2 Total and Paved Roads in China, 2003-2023 108
SECTION VII -- REGIONAL TRENDS
1 Gross Domestic Product of China by Region, 2013 117
2 Construction Expenditures in China by Region, 2013 120
3 Central-North Region of China 122
4 Northeast Region of China 127
5 Central-East Region of China 131
6 Central-South Region of China 135
7 Southwest Region of China 139
8 Northwest Region of China 143
SECTION VIII -- INDUSTRY STRUCTURE
1 Construction Market Share in China by Company, 2013 151

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