China Expands Brazil Frontier as Investment Grows During Crisis
- Chinese investment hits 7-year high, helping Brazil’s recovery
- Construction and services among new markets for Chinese firms
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Building a major port in Brazil is the type of project that would hardly fall into the hands of a Chinese company. At least not until the largest Brazilian builders went down in the aftermath of a corruption investigation.
After acquiring a local builder last year, Beijing-based China Communications Construction Co broke ground in March on a port in the northeastern state of Maranhao that will ship millions of tonnes of agricultural exports per year, most of them likely soybeans that will find their way to the Chinese market. The 1.8 billion-real ($520 million) investment is being financed by Industrial & Commercial Bank of China Ltd., the world’s largest lender by assets, which set up shop in Brazil in 2013.