Gelonghui March 12 | Shenzhen International (00152.HK) issued an announcement. On March 12, 2024, Shenzhen Railway Company, a non-wholly-owned subsidiary of the company, signed a tripartite agreement with the project management agency and the construction party to determine the payment obligation of the Shenzhen Railway Company to the project management agency. This payment obligation is related to the “Construction Contract Under the Cover” signed between the project management agency and the construction party. According to the tripartite agreement, the Shenzhen Railway Company must pay the project management agency RMB 1,652 billion for the construction of the shenzhen Pinghu project cover plate and below.
Guangzhou Railway Group has professional knowledge and rich experience in railways and related construction projects, and has strict construction procedures and management systems for railway construction and railway passenger and cargo transportation. However, the Shenzhen Pinghu Project has high requirements for the efficiency and quality of project construction. Entrusting Guangzhou Railway Group to provide construction management services for the development of the Shenzhen Pinghu Project and hire professional construction parties to carry out the construction. On the one hand, it can meet the construction needs of the Shenzhen Pinghu Project, and on the other hand, it allows the Group to focus resources on other aspects of the Shenzhen Pinghu Project.
Following a public tender by the project management agency, the construction party hired this time has been engaged in engineering construction business in China for many years and has rich experience in engineering construction. The contracting parties have entered into a tripartite agreement, which can further clarify the rights and obligations of each party, which is essential for advancing the successful completion of the Shenzhen Pinghu Project.