Chinese port builder plans $3b float

China Communications Construction Group, the state-owned port and road builder, plans to raise as much as US$2 billion ($3 billion) in an initial public offering in Hong Kong, sources said.

China Communications Construction, which also makes port machinery such as container cranes, will sell about 24.5 per cent of its share capital for US$1.5 billion to US$2 billion.

Proceeds will be used to buy construction equipment for roads and ports, reduce debt and boost production at its container-crane factory in Shanghai, sources said.