China Railway group wins US$1.2 bil. contracts

China Railway Group, the nation's largest railway construction firm, said Tuesday it had
won two contracts worth 8.1 billion yuan (US$1.2 billion).

It said one of its units won a contract worth 7.6 billion yuan for an electrification project of the railway linking Beijing and Kowloon in Hong Kong, according to a statement filed with the Shanghai Stock Exchange.

The project started this month and will be completed in June 2010, it said.

The other contract, worth 513.9 million yuan, is to build a 118-kilometer (73-mile) section of a highway in Ethiopia.