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HK Metro venture
July 20, 2012, Friday
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Hong Kong's Mass Transit Railway Corp signed a contract with its counterpart in Hangzhou to set up a joint venture to invest in and operate Hangzhou's Metro Line 1 for 25 years.
Under the agreement, MTR will own 49 percent of the joint venture, with the remainder held by Hangzhou Metro Group Co.
"The contract marks a new milestone in MTR's expansion on the mainland," said Jay Walder, chief executive officer of MTR. "We are expanding investment and operations into our third mainland city."
MTR has already operated mass transit systems in Beijing and Shenzhen, Guangdong Province.
The National Development and Reform Commission approved the joint venture on June 21.
Total cost of the 48-kilometer Hangzhou Metro Line 1 is about 22 billion yuan (US$3.5 billion). The north-south line has 31 stations.
Meanwhile, China South Locomotive and Rolling Stock Corp fulfilled half the order for Metro trains for Line 1 with the delivery of the 24th train at Jiubao Metro Station on Monday.
The aluminum alloy train has six 2.8-meter-wide carriages and a capacity for 1,500 passengers. Its top travel speed is 80 kilometers per hour.
Metro Line 1 is scheduled to go into operation in October, with 21 trains running. All 48 trains will be delivered by August next year.
In another development, Hangzhou Bureau of Commodity Price announced on its website on Wednesday that the public hearing on Hangzhou Metro will be held on August 3. The bureau also published two plans for Metro ticket and the names of 22 people attending the hearing.
The first plan would set the starting price for tickets at 2 yuan for the first 4 kilometers, with the maximum price for a full 48-kilometer trip on Metro Line 1 capped at 10 yuan. The second plan proposed a starting price of 3 yuan for the first 6 kilometers, and with the maximum for a full trip at 9 yuan. Hangzhou will also adopt a series of discount policies.
Under the agreement, MTR will own 49 percent of the joint venture, with the remainder held by Hangzhou Metro Group Co.
"The contract marks a new milestone in MTR's expansion on the mainland," said Jay Walder, chief executive officer of MTR. "We are expanding investment and operations into our third mainland city."
MTR has already operated mass transit systems in Beijing and Shenzhen, Guangdong Province.
The National Development and Reform Commission approved the joint venture on June 21.
Total cost of the 48-kilometer Hangzhou Metro Line 1 is about 22 billion yuan (US$3.5 billion). The north-south line has 31 stations.
Meanwhile, China South Locomotive and Rolling Stock Corp fulfilled half the order for Metro trains for Line 1 with the delivery of the 24th train at Jiubao Metro Station on Monday.
The aluminum alloy train has six 2.8-meter-wide carriages and a capacity for 1,500 passengers. Its top travel speed is 80 kilometers per hour.
Metro Line 1 is scheduled to go into operation in October, with 21 trains running. All 48 trains will be delivered by August next year.
In another development, Hangzhou Bureau of Commodity Price announced on its website on Wednesday that the public hearing on Hangzhou Metro will be held on August 3. The bureau also published two plans for Metro ticket and the names of 22 people attending the hearing.
The first plan would set the starting price for tickets at 2 yuan for the first 4 kilometers, with the maximum price for a full 48-kilometer trip on Metro Line 1 capped at 10 yuan. The second plan proposed a starting price of 3 yuan for the first 6 kilometers, and with the maximum for a full trip at 9 yuan. Hangzhou will also adopt a series of discount policies.
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