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China Railway Group wins $1.6 bln Hungarian high-speed rail contract

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The Hungarian government awarded a $1.57 billion contract to a consortium led by China Railway Group (CRG) to build the Hungarian section of a rail line linking Budapest with Belgrade, Serbia, in Chinaʼs first high-speed rail win in the European Union, Reuters reported today.

Three firms - CRGʼs China Railway International Group, a subsidiary of national operator China Railway Corporation, and Hungarian State Railways - will form a consortium to construct the 160-kilometer route, CRG said in a statement today, according to Reuters.

The 350-kilometer-long railway is expected to be completed in two years, and will be able to accommodate trains traveling up to 200 km/h, Reuters reported, adding that the Chinese firms will account for 85% of the consortium. No further details on the contract were provided, Reuters added.

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