CHINA: Hangzhou municipal government, Hangzhou Metro Group and MTR Corp signed a PPP concession agreement on June 26 for the construction and operation of Hangzhou metro Line 5.

Hangzhou Metro Group will fund and undertake the civil works. It will form a joint venture with MTR to fund the E&M works, and carry out 25 years of operations and maintenance from the opening, which is expected in 2019.

The joint venture expects to invest around 10·9bn yuan, with 60% coming from bank borrowing and the remainder from equity capital.

The 51·5 km Line 5 would run underground from Xiangzhanglu to Kejidao with 38 stations. MTR and Hangzhou Metro Group operate the city’s first metro line, which opened in 2012.