Wuhan Bridge Development

cancelled

In July 1994, Wuhan Bridge Construction Co. Ltd. was created for the construction and operation of the New Yangtze Bridge and the operation of the two Han River Bridges. The company was a joint venture among New World Infrastructure (NWI), one PRC commercial enterprise, and two Wuhan City SOEs. NWI has a 48.86% stake in the JV. NWI invested a total of US$101.2 million at a fixed rate. The PRC partner has a 50% stake, and contributed the assets of the Han River Bridges and the work in progress on the New Yangtze Bridge. The three bridges connect Hankou and Hanyang. In 1998, the average toll on the bridges is about Rmb 7 per vehicle. Construction was sub-contracted to a local construction company. Toll collection on the bridge ceases on October 1, 2002 due to changes in traffic regulation made by the Wuhan Municipal Government. NWI sold its stake in the company to Wuhan City Construction Fund Management Office for RMBB 1.18 billion. None None