Shanghai: Fosun Group will become the first private Chinese company to take a controlling stake in a high-speed railway project with the government, after agreeing to invest in a 46.2 billion yuan (Dh25.34 billion; $6.9 billion) venture. Shanghai Fosun High Technology Co. signed an agreement with the provincial government of Zhejiang, in eastern China, the company said in a statement on WeChat late Wednesday. It didn’t disclose its stake.
The project, a 270-kilometer (168-mile) link between Hangzhou and Taizhou, will be financed through Sunvision Capital, a public-private partnership-focused fund owned by Fosun. Sunvision has a project pipeline worth almost 500 billion yuan across China, according to the statement. (Bloomberg)
