Jay Walder, the chief executive of Hong Kong's MTR Corp. and the former chairman of New York's Metropolitan Transportation Authority, signed a 25-year public-private partnership with Hangzhou, China, to build a subway line.

The total capital cost of Hangzhou's first metro line is about RMB ¥22 billion, or $3.5 billion.

The 30-mile line, which features 31 stations, is scheduled to open later this year.

MTR already operates lines in Beijing and Shenzhen.

Walder, a native of Queens, N.Y., was chairman of the MTA, which serves 8.5 million riders, from 2009 to 2011.

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