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Chinese companies to invest USD332 million in Makati Subway, Philippines [free access]

October 31, 2019

Philippines-based Philippine Infradev Holdings has signed agreements with China-based Hui Gao Investments Development Limited and Shanghai Mintu Investments to raise USD332 million for the Makati Subway project, the first underground rail project and the largest public–private partnership (PPP) project in the city. With these investments, the initial funding for the project has increased to USD500 million.


Hui Gao Investments Development Limited will invest USD302 million in the project. Of this, USD102 million will be invested as equity. The remaining USD200 million will be provided as a line of credit. The company will release funds within 60 days of signing the agreement. Shanghai Mintu Investments will invest USD20 million as equity in the project.


Makati Subway is the first intra-city subway to be developed in the Philippines. The project will be executed by a consortium of Infradev Holdings, Greenland Holdings Group, Jiangsu Provincial Construction Group Company Limited, Kwan On Holdings Limited, Shanghai Mintu Investment Holdings, and China Harbour Engineering Company Limited. It will span 10 km (fully underground) and cover 10 stations. Construction is underway and is expected to be completed by 2024.