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Jiangxi Ganyue invests 3.1b yuan in expressways

By Tong Hao (chinadaily.com.cn)
Updated: 2009-03-05 14:47

Expressway operator Jiangxi Ganyue Expressway Co Ltd will spend 3.1 billion yuan ($453 million) to build and upgrade three highways this year, taking advantage of the low raw materials prices.

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The company said it will build two new expressways and repair another one, according to a statement filed to the Shanghai Stock Exchange on Wednesday.

The company will kick off construction of Nanchang-Fengxin expressway in August, which is 35.63 km long with an investment of 1.8 billion yuan. The project is expected to be complete in October 2011.

The second phase of the 12 km-long Penghu expressway will last from October 2009 to October 2011. The project's budget is about 404 million yuan.

The company said it will also invest 899 million yuan in improvements to the 124.02 km-long Jiujing expressway within 2009, making use of the current low prices of raw materials such as asphalt and gravel.