Principle Agreements for Shenyang Metro Lines Project Signed

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- more - PR113/08 26 November 2008 Principle Agreements for Shenyang Metro Lines Project Signed MTR Corporation Limited today (26 November 2008) enters into an Agreement in Principle with Shenyang Municipal Government and Shenyang Metro Group Company Limited for the operation & maintenance of Shenyang Metro Line 1 & 2 for a term of 30 years. Upon signing the Principle Agreement, the Corporation will proceed to set up a Joint Venture Company (JVC) with Shenyang Metro Group Company Limited, a wholly-owned subsidiary of Shenyang Municipal Government, which will own 51% of the Joint Venture Company. The JVC will work towards entering into an Operation and Maintenance Franchise Agreement with the Shenyang Municipal Government. Shenyang Metro Line 1 & 2, with a total length of 50 km, are the first two metro lines among the eleven planned lines of Shenyang city. Civil construction works of the two lines commenced in 2005 and the two lines are expected to commence service by 2010 and 2012 respectively. The 28-km Shenyang Metro Line 1 will form the east-west traffic corridor in Shenyang with 22 underground and at-grade stations while the 22-km Shenyang Metro Line 2 will form the north-south corridor with 19 underground stations connecting the southern and northern parts of Hun River (渾河) of the city. Under a separate Principle Agreement, MTR and Shenyang Municipal Government will form Joint Working Groups to conduct planning studies for future Shenyang Metro Line 4, 9 &10 as well as the extension of Shenyang Metro Line 1 & 2. Speaking at the signing of the Principle Agreements in Shenyang, Finance and Business Development Director of the Corporation Mr Lincoln Leong said, "Shenyang, being the capital city of Liaoning Province and the largest city in the northeast, has a strategic role to play in speeding up the economic development across Northeast area in the Mainland. We are delighted to have the opportunity to bring our railway development expertise and experience to Shenyang and we look forward to working with Shenyang Metro to provide a world-class metro service for the people of Shenyang."

Meanwhile, the Corporation will join the Shenyang Municipal Government for a study on town planning and to explore property development opportunities along Shenyang Metro Line 1 & 2 corridors. "Metro systems are essential elements to the urban development in fast growing cities in the Mainland. MTR has over 30 years of experience in developing metro system as the backbone of transport. The concept of 'People follow Metro Lines' could be further developed to meet Shenyang's needs. We are looking forward to delivering new communities and quality living for the people of Shenyang," said Mr Thomas Ho, Property Director of MTR Corporation. - End - Photo caption: (From left) Property Director of MTR Corporation Mr Thomas Ho, Finance and Business Development Director of MTR Corporation Mr Lincoln Leong, Vice-Mayor of Shenyang Municipal Government Mr Xing Kai and Chairman of Shenyang Metro Group Company Limited Mr Song Qi, today signed the Agreement in Principle in Shenyang for the operation and maintenance of Shenyang Metro Line 1 & 2.

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