Shanghai Tunnel Engineering’s Subsidiary to Sign USD1.25 Billion Expressway PPP Project Agreement

Yicai

2016-12-08

(Yicai Global) Dec. 8 – Taizhou Yuanhe Construction & Development Co., a subsidiary of Shanghai Tunnel Engineering Co. [SHA:600820], will sign a public-private partnership agreement with Taizhou Transportation Bureau about the Hangzhou-Shaoxing-Taizhou Expressway (Taizhou Section) construction, the partner company announced.

The agreement will take effect after being signed by two parties if no objection to the partnership is raised. Investment in the project is expected to reach CNY8.649 billion (USD1.25 billion).

Taizhou Yuanhe Construction & Development is a project company established for the Hangzhou-Shaoxing-Taizhou Expressway (Taizhou Section) PPP project, with a registered capital of CNY3.02 billion. It is jointly set up by Shanghai Tunnel Engineering Co.'s wholly-owned subsidiary Shanghai Tunnel Engineering Ltd., which holds a 34.4 percent stake in the company, Shanghai Infrastructure Construction and Development Co. and Taizhou Hangzhou-Shaoxing-Taizhou Expressway Co.