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BEIJING (Reuters) – The first privately-owned high-speed rail project in China signed a loan agreement worth 28.1 billion yuan ($ 5.7 billion), announced the Xinhua official news agency.
Xinhua said the China Development Bank, China Industrial and Commercial Bank, China Construction Bank, China Agricultural Bank and two others will provide the loan for the project, which is controlled by a consortium led by Fosun. International and the provincial government of Zhejiang.
The total investment planned for the railway project is about 44.89 billion yuan, the report said.
China has stepped up its measures to help private companies by solving its high costs and financing difficulties in the face of growing pressure from the world's second-largest economy.
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