CHRN manages the development of the project and signed the contract with one of only two bidders in the public tendering process (both including Chinese companies).
The contract covers the reconstruction of almost the entire Hungarian section of the Budapest–Belgrade line, between Soroksár south of the capital and the Kelebia border crossing.
Works will include track-doubling and electrification, and the maximum line speed will be raised to 160km/h. Trains are currently limited to a maximum of 100km/h with numerous speed restrictions.
The contract will be valid once a financing agreement between the Hungarian government and Exim Bank of China is signed. The bank loan has already been initiated by Hungary and approval is expected before the end of 2019.
Ownership of the CRE Consortium is split 50:50 between Chinese-owned and Hungarian companies. China Tiejiuju Engineering & Construction Hungary and China Railway Electrification Engineering Group (Hungary) will work with RM International, founded by R-Kord and Mészáros és Mészárs.
Planning and construction will take five years from the disbursement of the bank loan.
The Serbian section of the route is being upgraded for 200km/h operation.