Global investors with an appetite for geopolitical intrigue will have the chance to put their money into Beijing’s land reclamation projects in the South China Sea, as the state-owned dredging company doing much of the work prepares to go public.
China Communications Construction Company, a large state-owned infrastructure group, announced in March that it was integrating its three dredging assets into a new company, CCCC Dredging, which it would eventually list overseas. That entity was set up in Shanghai’s free-trade zone on Wednesday.
China’s dredging programme has created half a dozen flourishing islands in the South China Sea with deepwater harbours, beaches and at least one airstrip capable of landing fighter jets.
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