The consortium led by Fosun and the Zhejiang provincial government has secured a loan financing from China Construction Bank, the Agricultural Bank of China and two other banks to finance the first high-speed railway project in China.

The CNY44.9 billion (US$6.67 billion) project will have a total length of about 269-km covering Hangzhou – Shaoxing – Taizhou in Zhejiang Province. The project will be implemented under the Public-Private Partnership (PPP) with a 30-year concession period.

The consortium led by Fosun includes eight private firms, which hold a 51% stake in the project company. The remaining shares are held by China Railway Corporation, Zhejiang Communications Investment Group, and local government.