Citic Envirotech wins 2.5b yuan ecological restoration contract

ENVIRONMENTAL engineering company Citic Envirotech has won a 2.5 billion yuan (about S$515 million) ecological restoration contract in Meigu County, in China's Sichuan province.

The contract involves designing an ecological environmental system for about 20 million square metres of land across 36 townships.

To facilitate the environmental and ecological restoration process, residents in the 36 affected townships will be relocated.

Citic Envirotech will build essential housing and infrastructure including water supply, wastewater treatment, garbage disposal and other auxiliary facilities in 11 newly designated residential areas in Meigu County. Residents will be relocated to these new areas.

The company will then clean up the existing land and start the project, which is part of the China government's environmental protection plan to develop and beautify Meigu County by 2020.

It is also part of efforts to improve the quality of life for the residents of Meigu County, who live in rural areas lacking facilities and amenities.

Hao Weibao, executive chairman and group chief executive officer of Citic Envirotech, said: "We are pleased to have secured the group's first environmental and ecological restoration project and we look forward to showcasing our extensive capabilities in the course of this project.

"Moreover, we are also proud to play our part in China's government initiative to improve the lives of its people through redevelopment of existing land and the construction of essential infrastructure."

The project will start in the fourth quarter of 2018 and is expected to be completed by Dec 31, 2020. It will contribute positively to the revenue of the group for the financial years 2018 to 2020.