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PACIFIC WATCH

China

August 08, 1994|From Times Staff and Wire Reports

U.S.-Based Firm to Invest in Toll Road: San Francisco-based Lin Tung Yen (China) Inc. plans to raise $150 million to build the 16.25-kilometer highway linking Beijing with its eastern suburbs, officials from the joint venture said. According to the agreement, the road will cost $219 million, and building will begin Sept. 1 and continue through April, 1996. Lin Tung Yen's partner, the Beijing Municipal Engineering Administration, will raise the remaining funds. Under a so-called build-operate-transfer arrangement, the partners will pay for construction, then have exclusive management rights to the highway for 20 years.

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