Tianjin Good Hand Railway Holding (000594), a company which builds railroads mainly in Tianjin, Beijing, Hunan and Guangdong provinces, will up its investment in the Luoceng Railway from 1.448 billion yuan to 2.661 billion yuan, reports stcn.com, citing a company filing.
Luoceng Railway extends from Luoding, Guangdong province to Cengxi, Guangxi Zhuang Autonomous Region.
Construction work on the Luoceng Railway started at the end of 2006, and was scheduled for completion by the end of 2009. However,the railway is still not completed.
Investment in the railway was originally fixed at 993 million yuan on November 27, 2001, before being raised to 1.136 billion yuan on March 28, 2005, and further increased to 1.448 billion yuan on January 10, 2007.
This is the third time that the company had raised its investment on the building of this railway.
Good Hand Railway attributes the increased investment amount to the rising cost of land, labor and raw materials.
