A corporate bond of two billion yuan (US$250 million) was issued on Tuesday in Beijing for the capital's subway construction.
The 10-year-term corporate bond will be used for the construction of the Beijing No. 10 subway line which includes a branch line to the 2008 Olympic sports center, said the Beijing Infrastructure Investment Co., Ltd.
This is the second bond of its kind to be issued and four billion yuan (some US$500 million) has been raised so far through corporate bonds for subway construction in Beijing.
With a planned length of about 32 kilometers, work on the No.10 subway line began at the end of 2004 and is expected to be completed by the end of 2007.
Four subway lines are now in operation in Beijing, with a total length of 114 kilometers and a daily passenger flow of 1.6 million.
By 2008, four other lines will also be running in the capital, bringing the total length of subway lines to 200 kilometers.
(Xinhua News Agency April 26, 2006)