(Yicai Global) June 13 -- China Railway Construction Corp. [SHA:601186] and its partners have won a CNY17.9-billion (USD2.6-billion) bid to build an expressway between Beijing and Xinjiang, the firm said.
The stretch it will be constructing is part of the Beijing-Xinjiang Expressway G7 and is almost 515 kilometers meters long. Construction is expected to take three years while the path will charge a toll for 30 years, the statement said. The 2,540-kilometer long expressway connects the Chinese capital with Urumqi, in western China's Xinjiang province, and is an important corridor in China's 'Go West' initiative.
The project will be a public-private partnership, the statement added. The consortium led by China Railway Construction will pump CNY2.64 billion (USD388 million) into the expressway, while the government adds a further CNY4.67 billion to make up 40.9 percent of the total investment. The remainder will be fulfilled using bank loans.