(Yicai Global) Nov. 20 -- China Machinery Engineering Corp. [HKG:1829] and China State Construction Engineering Corp. began work on their public housing project on Hulhumale, the second largest island of the Maldives, on Nov. 18, state-owned Chinese news agency Xinhua reported.

The housing community will comprise more than 8,500 homes with financial support from the China Development Bank and Industrial and Commercial Bank of China Ltd. [SHA:601398;HKG:1398], though the report did not disclose the exact amount.

Maldives President Abdulla Yameen and representatives from the two Chinese firms attended a groundbreaking ceremony for the project, with Yameen declaring that the project will improve the crowded living conditions in the country. Once construction is complete, residential applications will open up to the public.

The community marks the second time the Maldives has turned to China Machinery Engineering Corp. for construction work. The Chinese company previously built 2,500 homes in the country and handed them over to the government.