Changsha Metro officially signed up the city's largest banking consortium loans in history for the first phase of its Metro Line 3 project on Nov 25, reported Changsha Evening News.

A consortium composed of eight banks, with the Bank of Communications taking the lead, will provide 16.9 billion yuan ($2.75 billion) for the construction of the new Metro line, the total investment for which is 26 billion yuan.

The phase one project of Line 3 starts from Lianping Road Station to Longjiao Road Station, passing core urban business zones such as Houjiatang and Dongtang, and interchanging with Line 2 at Changsha Railway Station. The whole route, all underground, stretches 36.42 km. Several of the 25 stations along the line have seen construction work already started.

So far, Metro Line 2 has gone through successful trial operations; construction of Lines 1 and 3 have been speeded up; and the building of Line 4 is expected to start within the year.

Since the activation of its metro construction work, Changsha Metro Group has striven to raise funds through multiple channels and ensured the projects proceed smoothly.