Aroundtheworld

China to build fourth Panama bridge

A group consists of China Communications Construction Co (CCCC) and China Harbour Engineering Company (CHEC) won a $1.42 billion contract to build the fourth bridge over the Panama Canal, Panama’s government said.

The 6.5-kilometer bridge will have six car lanes and a two-way metro line.

The Chinese companies initially won the contract in June, however, the award was postponed after rival bidders appealed the decision.

The construction is estimated to begin this year and will be completed after three years.

Panama and China opened free trade talks in July with the aim of crafting an agreement that could turn the Central American country into a hub for Chinese goods across Latin America.

Tencent invests in Indian hotels

Tencent is planning to lead a new investment round in Indian budget hotel operators OYO Rooms, according to a report by The Times of India.

The Shenzhen-based internet giant is reportedly in talks to lead an investment round to raise more than $300 million for the Indian company, which would reach a valuation of more than $2 billion.

The move will more than double OYO’s valuation, previously set at $850 million after an investment by Japanese internet backer SoftBank.

The investment will help the company expand operations in China, the report said, where it runs more than 11,000 rooms in 26 cities and employs more than 2,000 people.