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Beijing's New Subway to Be Built on Time: Official
The fund necessary for constructing Beijing's No. 5 subway is arriving and the whole line will be open to traffic in five years, an official said Tuesday.
The project is expected to cost 12 billion yuan (1.45 billion US dollars) and will be carried out by a joint venture involving three Beijing companies and Canada's SNC-Lavalin Group Inc., said the official with the Beijing No. 5 Subway Investment Co., Ltd., one of the Chinese partners.
The joint venture, Beijing No. 5 Subway Co., Ltd., will be set up soon with a registered capital of four billion yuan (482 million US dollars). The Chinese side will take 62.5 percent of the stake, and the Canadian company, the rest 37.5 percent.
He said both sides of the joint venture will work to raise funds at home and abroad according to the proportion of their shares.
"As funds are arriving, it is without question that the project will be completed in five years according to the timetable," the official said.
The 27.6 kilometer-long metro line is designed to start in the south, at Songjiazhuang, Fengtai District, and end in the north, at Taipingzhuang, Changping District.
At present, a 700-meter-long test section is under construction, and the general plan of the subway has passed an expert appraisal in principle.
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