Chinese conglomerate Fosun International Ltd announced that it would invest in a public-private partnership project to build a high-speed rail link. Its wholly owned subsidiary Shanghai Fosun High Technology Group Co Ltd signed an agreement with the Zhejiang government for that project’s first phase, which will join the cities of Hangzhou and Taizhou. This makes it the first private company to take part in a high-speed rail project.
Fosun did not disclose how much it would invest in the project. The total value of the project is 46.2 billion yuan ($6.92 billion).
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