Sichuan Expressway to Invest in About $8.1 Billion of Projects
Sichuan Expressway Co., an operator of toll roads, bridges and tunnels in China, has preliminarily agreed to invest about 50 billion yuan ($8.1 billion) in infrastructure projects.
The company, based in Chengdu in western China’s Sichuan province, entered a “strategic cooperation agreement” with the government of the province’s Renshou county to develop industrial and logistics parks, transportation and real estate, according to a filing to Hong Kong’s stock exchange yesterday.
Sichuan has been hit by a series of natural disasters in recent years that have damaged homes, roads and other infrastructure. The area was devastated by a 7.9-magnitude earthquake in 2008 that left more than 87,000 people dead or missing. A quake in April left at least 196 dead, and 58 people died and 175 went missing after rainstorms triggered floods and a landslide in the province this month.
Sichuan Expressway said it agreed to cooperate on a 14.5 billion yuan urban infrastructure project, a 13 billion yuan transportation project, a 12.5 billion yuan real-estate project and a 10 billion yuan plan to build industrial and logistic parks. The company is also working on the 300 million yuan expansion and construction of an expressway service area.
The agreement isn’t legally binding and separate formal agreements will set out the cooperation methods, project periods and investment amounts of each project, Sichuan Expressway said.
To contact the reporter on this story: Rachel Evans in Hong Kong at email@example.com
To contact the editor responsible for this story: Katrina Nicholas at firstname.lastname@example.org