China plans to auction a railway company in the country's first public sale of rail assets. The money will be part of the 2 trillion yuan (US$250 billion) needed for expansion and upgrades by 2020.

The government plans to sell 100 percent of Luoding Railway Co, an unprofitable coal carrier in southern Guangdong province. The company lost 135 million yuan last year and has 794 million yuan in debt. It needs capital to build a new rail line.

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