CITIC Envirotech secures $610 mil river restoration project in China

SINGAPORE (May 18): CITIC Envirotech has won a build-transfer project worth RMB3 billion ($610 million) involving the investment, design, construction, procurement and commissioning to restore the rivers and their surrounding environment in Feng Hua District, Ningbo City, Zhejiang Province, China.  

The project will be undertaken by a joint venture (JV) company in which CITIC Environment, CITIC Oasis and the local government will have a 60%, 35% and 5% respective stake, says the company in a Thursday aftermarket filing to the SGX.

Phase 1 of the project is valued at RMB1.4 billion ($280 million), which will commence immediately and involves river restoration works on 25 rivers and their surrounding landscape.

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