South China subway project given huge bank loan

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 ◆ South China subway project given huge bank loan

The No. 3 subway line project in Guangzhou, capital of south China's Guangdong province, has been granted 6.5 billion yuan in loans from a banking syndicate.

An agreement was signed Saturday between the Guangzhou Subway Company and a banking syndicate comprising nine banks.

The nine banks include the country's four biggest State-owned banks, the Bank of Commerce and Industry of China, Agricultural Bank of China, Bank of China and Construction Bank of China.

Experts say this is the first time that such a large number of banks has been involved in a single project.

The subway project will serve as a major hub for Guangzhou municipality linking the southern and northern parts of the city.