February 3, 2015
By Carlos Tejada, 2/3/2015
BEIJING—A Chinese rail-construction company is seeking compensation from Mexican officials stemming from a halted $3.7 billion Mexican high-speed-rail project.
In a statement Tuesday to the Shanghai stock exchange, China Railway Construction Corp. said it was still in negotiations with “the Mexican side and will update if there is important progress.” It didn’t offer further details, but said the postponement won’t have a major effect on its operations.
In November, CRCC warned it would resort to legal means to protect its interests after the contract was revoked.
January 14, 2015
By Gabriel Stargardter, 1/14/2015
(Reuters) – China Railway Construction Corp (CRCC) looks poised to clinch a contract to build a $3.75 billion Mexican high-speed train system even after its original winning bid was revoked when it became engulfed in a political scandal, say sources with knowledge of the bidding.
Mexico will on Wednesday reveal the fresh bid terms for the tainted train project linking Mexico City with the wealthy, industrial city of Queretaro, which was meant to be one of Mexican President Enrique Pena Nieto’s flagship infrastructure investments.
December 2, 2014
China plans to tender again for Mexico’s $3.75 billion high-speed rail project after the Latin American nation abruptly canceled its earlier win, one of the firms in a Chinese-led consortium that had bid and a source close to the bid said. Mexico revoked the contract awarded to the consortium made up of China Railway Construction Corp, CSR Corp and four other Mexican firms on Nov. 7 after opposition lawmakers claimed it was fixed. The consortium’s bid was uncontested..
November 12, 2014
10/10/14 Wall Street Journal
Revelations that a mansion used by President Enrique Peña Nieto ’s family was held by a Mexican company whose owner has won big government contracts reverberated from Mexico to China on Monday. Social networks exploded with photos of the first family’s residence, valued at $7 million, as a video about the president’s family home was seen more than 1 million times on YouTube. The president’s office defended the home by saying it wasn’t the president’s property, but rather the first lady’s, who was paying the home in installments. It declined to give more information. But the president’s opponents—including student groups and leftist politicians—called for his resignation and new elections on Twitter using the trending hashtag #Articulo39RenunciaEPN.
November 5, 2014
11/04/14 The Diplomat
The government of Mexico announced that it has chosen China Railway Corp to build a high-speed rail line connecting the capital of Mexico City with Queretaro, a manufacturing city 210 km to the north. The project is slated to start in December and the line is expected to begin operation in 2017, according to Mexican government officials, at a cost of $3.75 billion. As the competition heats up to win high-speed rail contracts abroad, China has struck first, winning the first such bid in Latin America. The question is how China managed to win, and what that means for competitors like Japan and Germany.
November 4, 2014
China Railway Construction Corp. (601186) led a group that won a bid to build a $4.3 billion high-speed train line in central Mexico, marking the first large investment in transportation by a Chinese firm in the nation. The Beijing-based company said it will turn to the Export-Import Bank of China to help finance its $2.9 billion portion of the contract. The train will initially shuttle 27,000 passengers a day between the capital and the industrial hub of Queretaro City in 58 minutes, Mexico’s government said yesterday.
November 4, 2014
11/03/14 Financial Times
Mexico, which battles for manufacturing competitiveness against China, is getting its first high-speed rail network – to be built and run by a Chinese-led consortium. The more than $3.6bn contract for the new 210km line, to run from Mexico City to the manufacturing and aerospace hub of Querétaro, was awarded to a consortium led by China Railway Construction Corporation, CSR Corporation Ltd and including the Mexican companies Prodemex, Constructora y Edificadora GIA, Constructora Teya and GHP Infraestructura Mexicana. The Chinese-led group was the only consortium to present a bid after other international companies including Bombardier of Canada and Germany’s Siemens and France’s Alstom said they did not have enough time to prepare their offers.