Two Chinese rail rivals appear to have broken an unspoken agreement not to compete in the same overseas markets, National Business Daily reported Wednesday. Rolling-stock maker China CSR Corp. Ltd. (01766.HK, 601766.CN) is working with the Thai authorities to set up a joint research and development center for high-speed-rail technology. China CNR Corporation Ltd. (601299.CN), which also manufactures rolling stock, said it signed a strategic cooperation agreement on rail transport projects in Thailand back in February 2012. China CNR has supplied carriages for Bangkok’s subways over the last few years. China CSR and China CNR have also put in separate tenders for rail projects in Argentina estimated to be worth 6 billion yuan (US$983.67 million), the report said.
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