Fosun Invests in $6.9 Billion China High-Speed Rail Project
- Investment marks rare foray by Fosun into infrastructure
- Company had been focusing on tourism, health, wealth
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Fosun Group said it will become the first private Chinese company to own a bigger stake than the government in a high-speed railway project, after agreeing to invest in a 46.2 billion yuan ($6.9 billion) venture.
Shanghai Fosun High Technology Co. signed an agreement with the government of the eastern Chinese province of Zhejiang, the company said in a statement on Wechat late Wednesday. Auto-makers Zhejiang Geely Holding Group and Wanfeng Auto Holding Group have also signed up as private partners in the project, a 270-kilometer (168-mile) link between Hangzhou and Taizhou, according to Zhejiang Radio & TV.