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China’s high-speed project secures CNY28.1 billion in financing [free access]

May 1, 2019

The first high-speed line to be built through a public–private partnership (PPP) in China has secured financing worth CNY28.1 billion from a group of Chinese banks, including the China Construction Bank and the Agricultural Bank of China.

 

The project will be delivered on a PPP basis by a consortium led by Fosun and the Zhejiang provincial government. The consortium includes eight private firms having a 51 per cent stake in the project, with the remaining shares divided between Zhejiang Communications Investment Group, China Railway Corporation, and the local government. The line will span 269 km and will connect Hangzhou, Shaoxing, and Taizhou.

 

The construction of the project will take four years.The total cost is estimated to be CNY44.9 billion. The consortium will be responsible for managing the line for the 30-year duration of the PPP concession.

 

(1 CNY [Chinese Yuan] = USD 0.15)