福建建工集团有限责任公司主体等级获“AA+”评级

Core Viewpoint - China Chengxin International has assigned an "AA+" rating to Fujian Construction Group Co., Ltd, highlighting its strong competitive advantage in the construction sector within Fujian Province and stable cash flow from operations [1][3]. Group 1: Company Overview - Fujian Construction Group was established in 1953 as Fujian Provincial Construction Engineering Bureau and has undergone several name changes and structural reforms, becoming a wholly-owned subsidiary of Fujian Construction Investment Group in 2024 [2]. - The company's main business includes engineering contracting, real estate development, and commercial trade, achieving operating revenues of 28.108 billion yuan in 2024 and 10.085 billion yuan in the first half of 2025 [2]. Group 2: Credit Rating Insights - The rating agency acknowledges the company's competitive strengths, including the ongoing revenue and profit contributions from the Beijing Wuyi project and good liquidity [1]. - However, there are concerns regarding the significant changes in the controlling shareholder and the potential impacts on the company's development, business structure, and financial status [1]. - The company has experienced a decline in new contract amounts and total operating revenue, alongside a substantial decrease in income and collections from the real estate sector, raising concerns about project liquidation and impairment risks [1].