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Beijing Seeks Private, Overseas Funds for New Subway
Beijing welcomes private and overseas investments for the construction of the No. 5 Subway Line.
Costing about 11.9 billion yuan, the south-north subway line starts in Songjiazhuang in Fengtai District and ends in Taipingzhuang in Changping County.
The Beijing municipal government has set up a company responsible for seeking overseas investment for the project, according to Sinoprojects.com, a leading website on investment projects in China.
Two investors from Hong Kong and Canada have shown interest in the project. Negotiations are still underway between the company and the two investors.
The No. 5 Subway Line is one of Beijing's 100 listed infrastructure projects seeking private funds. The listed projects also include sewage treatment plants, roads and water supply plants.
Investors can obtain project-owner starts through bidding.
The annual fiscal revenue of Beijing is 32 billion yuan. Billions of yuan is needed for infrastructure projects in the capital city.
The city plans to build 13 rail transit lines. At present, sewage plants are only capable of handling 30 percent of all the city's waste water. Only 50 percent of the city's rubbish is treated.
Infrastructure projects in the capital have become a prerequisite as Beijing is working harder for the 2008 Olympic Games bid.
The Beijing municipal government will release a set of detailed regulations on injecting funds into infrastructure projects, according to Sinoprojects.
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