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New foreign-funded firm to pay for Beijing-Shanghai railway
Shanghai (AFP) Oct 25, 2007 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 Thursday. 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, the China Business News reported. The Ministry of Railways will take a majority stake in the group that would help oversee the development of the 1,300-kilometre line (800-mile), aiming for completion by 2010. Trains would run at speeds of up to 350 kilometres (220 miles) per hour, cutting travel time between Beijing and Shanghai from the current 10 hours to less than five, according to the report. The project, which has been on the drawing board for more than 10 years and expected to start construction last year, was delayed as the central government moved more cautiously after it realised how costly it would be. The rail line, designed to haul 80 million passengers each year, finally won official approval last month but the budget is now nearly twice the Ministry of Railways' initial estimate of 130 billion yuan. Rising real estate and contruction material prices have been blamed for the budget blow-out. Investors could expect to recoup their investment in eight years, based on one-way trip fares of about 600 and 700 yuan, which compares with 1,280 yuan for a full-price air ticket, according to the China Daily. Related Links Great Train Journey's of the 21st Century
World's first hybrid train makes inaugural trip in France
Troyes, France (AFP) Oct 9, 2007The world's first hybrid train, which is fuel efficient and reduces emissions, made its inaugural trip from Paris to the French Champagne region on Tuesday. |
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