According to state news agency Xinhua, a consortium led by Fosun and the Zhejiang provincial government has signed a loan agreement with China Construction Bank, the Agricultural Bank of China and two other banks to finance the 269km Hangzhou - Shaoxing - Taizhou high-speed line.

The total cost of the project is around Yuan 44.9bn.

The Fosun-led consortium 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.

Construction will take four years and the consortium will be responsible for managing the line for the 30-year duration of the PPP concession.

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