US high speed rail venture axes partnership with Chinese firms
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San Francisco
XPRESSWEST, the private company proposing to build a high-speed rail line between Las Vegas and Los Angeles, announced Wednesday that it had terminated its joint venture with China Railway International, less than nine months after the deal was announced.
Las Vegas-based XpressWest said the decision to end the relationship stemmed from problems with "timely performance" and challenges that China Railway faced "obtaining required authority to proceed with required development activities". Privately financed XpressWest was started by Las Vegas developer Marnell Companies. It formed the joint venture with a consortium of Chinese firms last September, infusing US$100 million into the project.
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