Chinese construction firms come to North America

Chinese construction firms are starting to be more aggressive in the North American market.

Recently, Baha Mar Resorts announced that it is partnering with China State Construction Engineering and Export-Import Bank of China to build a $3.4 billion hotel, casino and resort in the Bahamas. The company and bank are also bidding on the $1 billion rebuilding of the Goethals Bridge linking New Jersey and Staten Island in New York City.

In 2008, when Harrah's Entertainment Inc. pulled out of a multibillion-dollar casino resort in Nassau, a Bahamas development company scrambled to find investors and financing to rescue it. Three years later, the Chinese rolled the dice.

On Monday, Baha Mar Resorts Ltd. is set to break ground on the $3.4 billion hotel, casino and resort project. Its unlikely partners: China State Construction Engineering Corp., the country's largest construction company by revenue, and the Export-Import Bank of China, a state-owned bank with the mission to help Chinese companies expand overseas.

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Source: The Wall Street Journal