China’s state-owned property developer Greenland Group has signed a Memorandum of Understanding with Nanjing to finance the construction of the city’s Line 5 metro.
In the agreement, which was signed on January 14, Greenland said it was willing to invest 31.3 billion yuan (€4.3 billion) to fast track the line’s development.
In return for financing the line, Greenland would be given the right to pursue commercial development opportunities along the route.
As well as Nanjing’s metro network, the company also plans to provide 30 billion yuan (€4.1 billion) to build a new light rail system in Chongqing.
