Citic to sign broadband deal for Dalian
Citic Pacific will sign an agreement to form a joint venture with the municipal government of Dalian, of Liaoning province, to connect the city's households to the broadband information highway.
The project calls for a total investment of 1.5 billion yuan (about HK$1.4 billion).
The State Council-backed red chip and Dalian government will together make an initial investment of between 230 million yuan to 250 million yuan through the joint venture.
Citic will hold 40 per cent of Dalian Digital Technology, and the relevant government departments of Dalian will hold 60 per cent.
Dalian's executive vice-mayor, Xia Deren, said the venture would by the year-end connect 100,000 homes to the broadband network, which enables e-commerce and provides value-added services.
