Wuhan Airport Expressway

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In January 1993, New World Infrastructure (NWI) through its subsidary, Sharp Class Enterprises Ltd., signed a 30 year joint venture contract with the Wuhan Province SOE, Wuhan Airport Road Industrial Development Co. Ltd., for the construction and operation of an 18km toll road connecting Wuhan to Wuhan Tianhe Airport. New World Infrastructure had a 66.67% stake in the jv company, Wuhan Airport Road Development Ltd., and invested US$ 63 million in the project - US$ 60 million as a loan to the project company (with US$ 40 million refinanced through a bank loan to NWI) and Rmb 40 million (US$ 3 million) as equity. The state-owned company held the rest of the stake in the project company.The road opened in April 1995 when the contract period began. In 1995, the average toll rate was Rmb 10 with an airport surcharge of Rmb 20. The average traffic flow in 1995 was 4,650 vehicles per day. None None