May 10, 2016

US high speed rail projects looking for Chinese financing

High Speed rail companies in Texas, Minnesota and Nevada all plan to tap private cash from investors globally, with help from foreign train makers and governments eager to export train technology. The projects would rely on partnerships with Japanese or Chinese firms that face saturated train markets at home.

North American High Speed Rail Group’s project in Minnesota said last year it would seek money from Chinese investors. Now, it said it is considering two foreign partners for the $4.2 billion project, which seeks to connect the twin cities of Minneapolis and St. Paul to Rochester, Minnesota, by 2022.

Texas Central is paying for engineering studies with $75 million from Texas investors, $40 million from a state-backed Japanese development fund and about $130 million in design work from two firms. The Dallas-to-Houston rail line is projected to cost $12 billion and be completed by 2021.

In Nevada, privately financed XpressWest plans to link Las Vegas to Southern California. Started by Las Vegas developer Marnell Companies, the company formed a joint venture last fall with a consortium of Chinese firms, infusing $100 million into the project expected to break ground as soon as this year.




SOURCE - The Fiscal Times

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