- From Pacific Construction to Constructing the Pacific
NEW YORK, Oct. 26, 2017 /PRNewswire/ -- On October 23rd, an image of China Pacific Construction Group, a privately-owned Chinese Fortune Global 500 enterprise lit up the big screen overlooking New York's Times Square with a quote of wisdom from its legendary founder, Yan Jiehe.
China Pacific Construction Group Featured at Times Square
"Learning, thinking and acting in the growing stage; modesty, toughness and boldness in the mature stage; talent, virtue and tolerance in the successful stage," reads the quote, which comes from Mr. Yan's book New Analects and caught the eyes of many at the Times Square. This is the creed Mr. Yan lives by in both business and life, and is the fruit of the Chinese billionaire's over-35-year-long career in the construction industry. From the humble beginning of RMB 120,000 in his first venture in Nanjing, China, to becoming a dominating force in the industry across Asia, Europe, Africa and Latin America, Mr. Yan never lost concentration on his most valued commodity: reputation.
Prizing reputation-building over profit, Mr. Yan's famous quote "It's better to lose RMB 80,000 than to lose RMB 50,000," a strategy forged during his contract of Nanjing's three ring-road culvert project in 1992 and a case study at the Harvard Business School, was what earned him his first fortune—RMB 8.6 million—and put him on the map of China's construction industry.
Founded in 1995 in Nanjing, Pacific Construction quickly picked up important contracts, such as construction of the Hongzehu Road, which initiated the Chinese-style BT (build-transfer) model of "construction before delivery," an adaptation of the BOT (build-operate-transfer) model. The project also laid a practical basis for the promotion of PPP (public-private partnership) in China. Known as the "first order of China's PPP," the Hongzehu Road project was completed with a legendary quality of no damages in 20 years and has been praised as a project constructed with conscientiousness and honor.
After 25 years of ups and downs, from the initiation of BT to the promotion of PPP, Pacific Construction now has become the largest city operator in China, undertaking the investment, construction and management of more than 3,000 parks in over 1,000 cities all over the country.
In 2011, Mr. Yan passed his title—Chairman of the Board of Directors—to his 25-year-old son Yan Hao. It marks the leap forward of Pacific Construction's leadership to a novel era of teamwork.
In 2014, for the first time, Pacific Construction was ranked among the Fortune Global 500 companies. It has since been rising incessantly and climbed to No. 89th on the list in 2017 as the top private enterprise in global construction.
Pacific Construction has created six brands in public welfare activities at great expense with four continuous sessions of Huatuo CEO Forum. While leading Chinese enterprises' overseas trips, together with Chinese political elites, Mr. Yan's family has talked and worked with many economists and international political leaders, such as former U.S. President Bill Clinton.
In response to the national appeal, Pacific Construction was the first to participate in the poverty reduction of the "Thirteenth Five-Year Plan" in the PPP model, initiating the targeted poverty alleviation model with local government that integrates three approaches: promoting constructions, developing industries and improving education.
In its answer to the call of the "Belt and Road Initiative," Pacific Construction accelerated its process of internationalization by signing contracts in Mongolia, Chile, Ghana, Greece, Macedonia and Austria, etc. The company signed an infrastructure construction project of 3 billion Euros with the Republic of Albania and the Republic of Montenegro, entering the "16+1" cooperation "Blue Corridor." By joining hands with CREC, Pacific Construction signed a subway project of 2 billion dollars with the government of Ukraine, which created a trans-boundary and cross-institution partnership.
Since 2016, Pacific Construction has been devoting to constructing the core of the "Silk Road Economic Belt" after moving its main operations to Xinjiang, and became the first Fortune Global 500 enterprise headquartered in Xinjiang Uyghur Autonomous Region.
Besides the over-RMB 400-billion cooperative agreements in investment and construction with multiple areas in Xinjiang and local construction corps, Pacific Construction has also been steadily propelling a batch of key programs.
Meanwhile, exchanges and collaboration with countries along the Silk Road have accelerated. In the southeast, Pacific Construction signed an investment agreement of RMB 450 billion with the government of Guangxi Zhuang Autonomous Region to assist its infrastructure construction. The company put RMB 50 billion into forging a modern service industry with the standard of Bama, the Chinese "wise village" known for its untainted natural resources and remarkably long lifespan of its villagers.
Pacific Construction also established its Southeast Headquarter in Nanning to get a head start in the new pattern of marine exploitation while accessing AFTA from all directions.
In 2017, Mr. Yan Jiehe traveled to America with his New Analects (English version) — his new work on traditional Chinese culture. During his brand roadshows and study tours, Mr. Yan received warm welcome from all societies in the country as well as positive responses within the business circle, initiating multiple cooperation projects under intense preparation.
Starting out from a canal and entering the Pacific through Yangtze River, the company is heading from Pacific Construction to Constructing the Pacific.
Yan Hao, Chairman of the Board of Directors of Pacific Construction, said, "Never forget why you started, and your mission can be accomplished. Pacific Construction shall seize the opportunity in policy, carry forward the entrepreneurial spirit while taking full advantage of 'source, wisdom and capital,' as a Fortune Global 500 enterprise, to engage and construct the great cause and the epic project of the 'China Dream.'"
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