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Chinese state builder turns PPP investor

China Communications Construction Chief Financial Officer Fu Junyuan, left, announced the company's first-half earnings on Aug. 31.(Photo by Jennifer Lo).

HONG KONG -- China Communications Construction, a state-owned builder of ports and roads, said it was transforming itself into an investor-cum-operator, in line with the government's call for the formation of public-private partnerships to alleviate funding pressure faced by government-backed companies.

The group's new contracts reached 283 billion yuan ($42.4 billion) in the first six months, barely reaching half of its 2016 target at 700 billion yuan. But Executive Director and Chief Financial Officer Fu Junyuan seemed unconcerned, saying: "We typically have a better second half than the first half."

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