(Yicai Global) April 26 -- Hang-Shao-Tai Railway, China's first high-speed rail transit project that is in part funded by private capital, has received financing from six state-owned lenders. 

Hang-Shao-Tai Railway project, invested by a group of private firms led by conglomerate Fosun International, inked a CNY28.1 billion (USD4.2 billion) loan agreement with the Industrial and Commercial Bank of China, China Construction Bank, China Development Bank, Agricultural Bank of China, Export–Import Bank of China, and Postal Savings Bank of China, Yicai Global learned at the signing ceremony. 

The railway will connect the cities of Hangzhou, Shaoxing and Taizhou in eastern Zhejiang province. The group of private firms and Zhejiang's provincial government penned a contract for the public-private partnership project in 2017, estimating the total investment to reach CNY44.9 billion. The project is expected to be finished in 2021. 

Construction has kicked off and the project has received an input of CNY11 billion, Fang Jianhong, the chairman of the operator, told Yicai Global. The main part of the first bridge as well as the first tunnel have been completed, he added. 

The project's investment will total CNY13 billion this year, Wu Peirong, the general manager of the operator, estimated to Yicai Global.

Editor: Emmi Laine