Shanghai Ind sells road projects, buys expressway

Newswire

HONG KONG, Aug 29 (Reuters) - Conglomerate Shanghai Industrial Holdings Ltd said on Friday it had sold two elevated road projects in China to its joint venture partners for HK$5.76 billion (US$738.4 million). The company, backed by the Shanghai city government, also said it was buying an expressway linking Shanghai and Nanjing for two billion yuan (US$241.5 million). The deals follow a policy shift in December by Beijing, which no longer allows guaranteed returns on foreign-invested ...

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