Specifically, the project has been awarded to China Railway 12th Bureau Group Co., Ltd. and China Railway 14th Bureau Group Co., Ltd., both subsidiaries of CRCC.
The project will have a construction term of 39 months and an operation term of 25 years from the date of the official opening to traffic and up to the delivery date of the project.
The total project investment is approximately RMB13.1 billion (US$2.05 billion), 49% and 51% of which are contributed by Beijing Capital Highway Development Group Co., Ltd. with government funds and the winning company, respectively. Both parties will jointly establish a project company as the legal representative for the investment, construction and operation of the project.
CRCC has recently raised RMB9.9 billion (US$1.55 billion) through a private placement of A shares to invest in PPP projects.
In July we reported that CRCC was selected as the preferred bidder for the South Wuhu City River-crossing Tunnel PPP project. The 5.77 km road includes the shield tunnel of 4.96 km. The toll collection term is 25 years and the total project investment is RMB4.35 billion (US$682.2 million).