CHINA RAILWAY CORP. ISSUING RMB20 BILLION IN FIVE-YEAR BONDS

BEIJING - China Railway Corp., the business division of China’s former Ministry for Railways, has begun to issue bonds worth RMB20 billion in five-year notes to finance railway investments through private investment. The corporation faces large debts inherited from the dissolved Ministry. It remains unclear, however, how proprietary rights and financial settlements for joint-venture trunk railway lines will be defined, a lingering uncertainty for investors.