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2007-12-11 05:45:00 p.m. HKT, XFNA
China's first luxury train to Tibet gets 50 mln usd injection
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SHANGHAI (XFN-ASIA) - Shanghai-based investment firm TZG Partners said it
has secured a further 50 mln usd in funding for China's first luxury train,
which will run from Beijing to Lhasa, the capital of Tibet in western China.
It said it has obtained about 102 mln usd out of its stated goal of 150
mln to finance its luxury train business, Tangula, after getting a new
syndicated loan from unnamed foreign banks, TZG Partners managing director
and CEO of Tangula Josh Brookhart told reporters.
The company raised 52.9 mln usd in November from Wing On Travel Holdings
Ltd for Tangula Group Ltd, the holding company.
Tangula expects delivery of the first train by the end of May next year
and to begin selling tickets in February before the grand opening in
September.
The train's tickets are expected to cost around 1,000 usd per person per
night, Brookhart said. The journey will include tour stops during the 96-hour
trip, only half of which will be spent en route.
It will also reach altitudes of 5068 meters.
(1 usd = 7.4 yuan)
randall.jensen@afxasia.com
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