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1st private firm to build cross-border railway

www.chinanews.cn 2005-08-26 14:05:03

Chinanews, Aug.25 - Yesterday, China's Ministry of Commerce released a
few cooperation agreements signed by China and Russia, including the
project of China's first cross-border railway jointly invested by a
privately-owned Chinese enterprise and a Russian consortium. It was
learned that both investors of this cross-border railway are
privately-owned enterprises. Investor of the Chinese party is
Dalian-based Xinrong Investment Co., Ltd. while the Russian partner is
Evrazholding.
According to plan, the railway will link Hulin in China's Heilongjiang
Province and Lesozavodsk in far eastern Russia. The Russian partner will
be in charge of a 21.5-km section of the railway from Lesozavodsk to its
border while the Chinese company will build a 36-km section from Hulin to
the Sino-Russian border. Both parties will jointly invest to build a
bridge spanning the 40-meter-wide Song'acha River to connect the railway
together. Based on the project budget, the Russian partner will provide
some US$30 million in total while the Chinese company will invest 230
million yuan (US$27.81 million) in the railway project.
Dalian-based Xinrong Investment Co., Ltd., the Chinese investor of the
project, raised its fund for the project by way of self investment and
financing. Wang Weixin, president of the company, indicated that this
cross-border railway project to be built at Sino-Russian border requires
final approval from governments of both countries, but he declined to
disclose the progress of project at present.
Upon completion of the project, the trunk line of Far East Railway will
extend 353km southwards so as to get through another land-sea passage for
Heilongjiang and develop trade and economic exchanges among China and
Japan, S. Korea and N. Korea.

          ��Railway construction opens to foreign investment
          ��Alston negotiates railway cooperation with China
          ��First privately-funded railway to commence this year

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