The state-owned Bank of China (BOC) is planning to buy an 8% stake in Beijing-Shanghai High-Speed Railway Corporation (BSRC) for nearly CNY10bn.

BSRC owns and operates the under-construction 1,318km high-speed Beijing-Shanghai rail line.

The Railways Ministry has been looking to sell stakes in the rail line, which has assets worth CNY220bn, in a effort to raise money for rail construction across the country.

The BOC will buy the stake from the rail line’s biggest shareholder and investment arm of the Ministry of Railways China Railway Investment Corporation (CRIC), which holds a 56% stake totalling CNY64.7bn.

The rail line’s other stakeholders are insurance company Ping An Insurance with a 14% stake of nearly CNY16bn and other local government investment companies.

The BOC transaction, to be carried out by BOC subsidiary Bank of China Investment, is pending the approval of the shareholders who will discuss the investment plan, including the share value.