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CRCC grabs $3.65b railway contracts

By Jiang Wei (chinadaily.com.cn)
Updated: 2008-12-23 10:43

China Railway Construction Corp (CRCC), a major railway builder in China, has won contracts worth 24.97 billion yuan ($3.65 billion) for rail construction projects in southern China through its six subsidiaries, the company said in a stock exchange filing on Dec 23.

The value of the contracts is equivalent to 14.07 percent of the company's 2007 sales under domestic accounting standards.

Included in the contracts is the new railway from Guiyang, capital city of Southwest China's Guizhou province, to Guangzhou, capital city of Guangdong province, which is among China's massive stimulus package to develop infrastructures.

China Railway Group, the country's largest railway and highway builder, said its subsidiaries had won 7.91 billion yuan in rail construction contracts, equivalent to 4.38 percent of its 2007 sales.

Another construction contractor, China Railway Erju Co Ltd, won contracts worth 5.36 billion yuan.

China will spend 5 trillion yuan by 2020 to add another 41,000 km to its rail network, Xinhua news agency reported over the weekend.