SHANGHAI, Oct 25 (AFP): A new investment firm funded by Chinese and foreigners will be tasked with providing up to 30 billion dollars to build a high-speed rail line linking Beijing and Shanghai, state press said today.
The state-run firm will seek the money from local banks and overseas private equity investors for the construction of the long-planned ultra-fast railway between China's two most important cities, the China Daily reported.
The firm that has yet to be established will aim to raise 110 billion yuan (14.66 billion dollars) in the first round of bidding and another 110 billion yuan in debt financing, the newspaper said citing unnamed sources.
"Negotiations are going on," the paper quoted one source as saying, referring to the government's plan to solicit foreign institutions to participate in the project.
Two of the nation's largest banks, Bank of China and Industrial and Commercial Bank of China, along with regional governments, are expected to participate.
$ 30b fund for Beijing-Shanghai railway
FE Team | Published: October 26, 2007 00:00:00 | Updated: February 01, 2018 00:00:00
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