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Nanjing metro Line 5 financed

A memorandum of understanding has been signed between Nanjing city authorities and property developer Greenland Group for the financing of Nanjing’s metro Line 5.

A memorandum of understanding has been signed between Nanjing city authorities and property developer Greenland Group for the financing of Nanjing’s metro Line 5.This will mean CNY31.3bn (EUR4.34bn) will be invested by the developer into the project, in return for rights to develop along the 36km (22.4-mile) route.

To date, Greenland Group has invested CNY11.7bn (EUR1.6bn) in the Xuzhou metro as part of its long-term strategy to gain access to land for development through financing urban rail.

It is also seeking to invest CNY30bn (EUR4.2bn) in Chongqing’s light rail project.