US$16b fund for transport
Print Edition
PROPERTY giant Greenland Holding Group, together with China Construction Bank and other partners, jointly set up a 100 billion yuan (US$16.1 billion) subway transport fund yesterday to back the building of transit lines in Chinese cities.
The fund will spur rail traffic investment of up to 300 billion yuan, said Zhang Yuliang, chairman of Greenland.
There is likely to be 50 Chinese cities with subways by 2020 with total mileage of 6,000 kilometers, Greenland said.
The fund’s initial deployment will be 24 billion yuan. Shanghai-based Greenland said it is mainly responsible for recommending suitable projects for the fund to invest in.
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