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BUSINESS & TECH

Fosun Hitches Up Deal for China’s First Privately Owned Railway

By Mo Yelin
A planned 269-kilometer (167-mile) railway line in Zhejiang province will link the provincial capital of Hangzhou with the city of Shaoxing. Above, travelers wait for the high-speed train at the Shaoxing north station in Zhejiang province in October 2013. Photo: Visual China
A planned 269-kilometer (167-mile) railway line in Zhejiang province will link the provincial capital of Hangzhou with the city of Shaoxing. Above, travelers wait for the high-speed train at the Shaoxing north station in Zhejiang province in October 2013. Photo: Visual China

A group led by private equity giant Fosun Group signed an agreement to launch China’s first privately controlled railway line, a major milestone under a government program designed to finance more infrastructure with private money.

Parties signed an investment agreement for the public-private partnership (PPP) rail project in Zhejiang province on Monday. The deal was the first of its kind in the railway sector to have private investors hold a controlling state.

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