[BEIJING] China's first privately-controlled high speed railway project signed a loan contract for 28.1 billion yuan (S$5.17 billion) on Friday, the official Xinhua News Agency reported.

Xinhua said China Development Bank, Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China and two others will provide the loan for the project, which is controlled by a consortium led by Fosun International Ltd and the Zhejiang provincial government.

Total investment planned for the railway project is about 44.89 billion yuan, the report said.

China has ramped up measures to support private companies by resolving its high costs and difficulties in financing as growth in the world's second largest economy is facing increasing downward pressure.

REUTERS