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China Railway says gets $1.68b contracts

(Agencies)
Updated: 2008-10-21 16:52

China Railway Group, the country's largest railway and highway builder, said on Tuesday that subsidiaries had won contracts worth a total of 11.5 billion yuan ($1.68 billion).

The value of the contracts is equivalent to 6.38 percent of the company's 2007 sales under domestic accounting standards, the company said in a filing carried by the official Shanghai Securities News.

The contracts involve construction on a passenger rail line between the cities of Shijiazhuang and Wuhan in central China, the company said.

Separately, the company also said shareholders had approved the issue of up to 15 billion yuan in domestic bonds with maturities of up to 15 years. It gave no details on the timing or pricing of the issue.