China to build Libya 17.6 billion yuan project suspended

Chinese architecture (601668.　　SH) announced today that due to major changes in the security situation in Libya, the company has been in accordance with the unified arrangements of the Government, the withdrawal of all the workers in Libya, the project was suspended.　　According to the Chinese construction Bulletin, the company entered Libya in 2007 to engage in project contracting projects, currently under construction are government national housing projects, the project scale of 20,000 sets, the cumulative contract amount of 17.6 billion yuan, the duration of 40 months, the project has completed nearly half of the project, the original expected profit is more ideal. As a result of the project suspension, the current project management level does not generate a loss, but the evacuation will produce a certain cost, the project backlog of contracts accounted for about 1% of the total contract, accompanied by political trends in Libya, the project follow-up progress will be uncertain. Yesterday, Chinese construction received 3.66 yuan, up 1.1%.