From Xinhua News Agency (in Chinese), translated by CDT (link):
Officials from Shanghai Municipal Government said that the magnetic levitation railway line connecting Shanghai and Hangzhou is expected to start construction within this year, with feasability study and cooperation negotiation under discussions. The line is expected to be completed by 2010, when Shanghai will play host to the World Expo.
The express link, 175km or 108 miles in length, will cost 35 billion renminbi, or $4.5 billion, to build. Average speed of the trains on the line is 450 km/hour, or 280 m/hr, with a downtown speed limit of 200 km/hour, or 125 m/hr.