July 19 -- Baoshan Iron & Steel (600019) formed a subsidiary called Baosteel Construction System Integration to provide civilian steel structure design and construction services, reports China Business News.

The new subsidiary’s board director, Jiang Weimin, said Baosteel Construction System Integration has registered capital of 100 million yuan and is aiming for a total construction area of five million square meters and annual sales revenue of 10 billion yuan by 2015.

Jiang added that the new subsidiary will provide construction services for government agencies, affordable housing, commercial properties and commodity homes, and that affordable housing will occupy 30 percent of its total business.

Although steel structure homes can be quickly completed and entail less pollution and higher earthquake resistance, only one percent of the homes in China are now built with steel structures.

Source:CapitalVue