China Communication Construction Co Ltd said it will establish its first overseas investment company in Hong Kong in the first half of this year to speed up the company's global expansion.

The largest Chinese State-owned builder of transport projects, which is now constructing 400 projects abroad at a value of more than $29 billion, is taking further steps to spread its presence overseas, not only as a contractor but also as an investor.

"The new company will have the ability to invest $500 million, most of which will be devoted to opportunities in the construction of ports, docks, roads and bridges outside the home market," said Zhou Jichang, company chairman.