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The State Development and Reform Commission has approved a Sino-foreign franchised project on the No. 4 subway line in Beijing, Beijing Daily reported.
This is the first of its kind approved by the commission, the report said.
Construction on the 28.65-km No. 4 subway line, which runs through Fengtai, Xuanwu, Xicheng and Haidian districts of Beijing, started last November and is expected to be completed in 2009. The investment is estimated at 15.3 billion yuan (about US$1.89 billion).
The Sino-foreign joint venture, Beijing Jinggang Subway Co. Ltd, will be responsible for the financing, construction and operation of the subway line. The term of the franchised project will be 30 years after the subway's trial operation.
(Xinhua News Agency October 12, 2005)
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