China State Construction Engineering to list in Shanghai: report

China State Construction Engineering Corp, a major government-owned house builder, plans to raise about 42.6 billion yuan (6.1 billion dollars) in a domestic share sale, state media reported Monday.

The company will issue up to 12 billion A shares, or shares denominated in the local currency, the yuan, the Beijing Times said, adding it would amount to 40 percent of its enlarged capital.

The cash will be used to fund infrastructure projects, residential property development, equipment purchases, and to boost the company's working capital, a statement on the China Securities Regulatory Commission (CSRC) website said.

If the listing is approved following a review by the commission on Thursday, it could become the largest initial public offering so far in 2008.

The size of the share offer would surpass that of China Railway Construction, which raised a combined 5.4 billion US dollars in an IPO in Shanghai and Hong Kong earlier this year.

(Agencies)