Set Up: Number of Players 3 4 5 6 7

1880
Set up
Bank: Unlimited
Number of Players 3 4 5 6 7
Start money ¥ 600 ¥ 480 ¥ 400 ¥ 340 ¥ 300
Privates
Auctioned in numerical order. Minimum bid is face value, bids must be multiples of ¥ 5.
If nobody bids on private P0 or P1, minimum bid is lowered by ¥ 5, and auction is restarted.
If minimum bid is ¥ 0, start player must buy.
If nobody bids on any other private, hold 1 OR.
Player left of start player of previous auction starts next auction.
P0: pays ¥ 40 when last 2+2 train is bought, ¥ 70 at last 3 train, or ¥ 100 at last 3+3 train.
P1: no special ability.
P2: all companies of owner use ferries for free.
P3: Taiwan is worth +¥ 20 for all companies of owner.
P4: river hex builds cost ¥ 20 less for all companies of owner.
P5: owner receives building permit for phase D. May be transferred to company at any time.
P6: owner receives 20% BCR president's certificate. Par price is ¥ 100.
P7: during OR turn, exchange P7 for new train, even before running trains.
At start of phase B3, P7 must be exchanged for second 4 train. If impossible, that train is
removed from the game. Exchange of P7 does not count as train purchase.
Special abilities can be used by all companies and Foreign Investors of owner.
Privates cannot be sold.
Do not have value at end of game. Do not count towards the certificate limit.
Abilities can be used until the end, but privates do not produce income after first 4 train.
Foreign Investors
When all privates have been sold, change seating order according to remaining money.
Priority deal to player with least money. Ties are broken according to old seating order.
All players, in seating order, choose 1 Foreign Investor (A1-A7). Remaining Foreign
Investors are removed from the game.
As soon as a player starts their first company (including BCR), place one share on Foreign
Investor.
Foreign Investors operate like companies, except they:

- may lay or promote only 1 tile per round; do not need building permit.
- cannot buy train; lease available train from the bank.
- always withhold income. Shares on Foreign Investors receive no income.
When Foreign Investor connects to associated company (ignoring tokens), they are joined.
Close Foreign Investor. Share and ¥ 50 from bank are given to owner of Foreign Investor.
Treasury of Investor goes to company, or (choice of Investor's owner) 20% to owner,
remainder to bank.
Investor's token is removed from game; may be replaced by company's cheapest token.
From phase B3, Foreign Investors are inactive, but do not close. Can still join with company.
At end of game, if not closed, owner receives 20% of treasury.
Share Dealing Rounds

SDRs happen only at the start of the game and when last train of a type is sold or removed.
Lease by Foreign Investors and buying a restored 2 train do not trigger a SDR.
No separate IPO and bank pool; all shares start in the bank and are sold back to bank.
All transactions use current market price.
Sell, then buy.

Cannot sell during first SDR.
When selling, player receives ¥ 5 less than market price for each share.
Share price drops 1 space for each share sold.
Number of Players 3 4 5 6 7
Certificate limit (shares only) 20 16 14 12 11
May own up to 100% of company. Bank can hold unlimited shares.
At end of SDR, share price rises 1 space if all available shares are sold. Shares on Foreign
Investors and the second 50% shares before the first 3 train is sold do not count as available.
New company
President decides on size of president's certificate (20 to 40%), par price, building permit.
Excess shares are removed from the game if president's certificate larger than 20%.
Par price determines order of operation; number of companies at each par price is limited.
40% company gets building permit for 1 phase, 30% company for 2 phases, 20% company
for 3 phases.
Building permits are unlimited.
Company floats at end of SDR, if all shares owned by players or if president owns number of
shares: 20% in phase A1, 30% in phase B1, 40% in phase B3, 60% in phase C2.
Home token is placed at end of SDR.
Company receives 50% capitalization at floatation. Other 50% is paid as soon as 50% of
shares is in players' hands, when or after the first 3 train is sold.
Operating Rounds
Turn order is fixed: privates, Foreign Investors in numeric order, companies in initial share
price order.
Lay track
Company must own building permit for current phase to lay tile or upgrade.
Either place 2 tiles or upgrade 1 tile.
In phase A, all companies except BCR can only place 1 yellow tile.
Medium cities: when laying yellow tile, decide if large or small. Cannot change later.
Around Beijing: when laying yellow tile on hex with track stub, tile must contain track at that
edge.
Upgrade: must be able to reach any track on new tile (using infinite train).
Laying green tile on Beijing counts as upgrade.
When upgrading green large city to brown, must use tile with 6 exits if possible.
Place token
At most 1 token per company per hex. Only one token per turn.
No building permit necessary. In phase D, price of tokens double.
May not place tokens on OO tiles with home location of unstarted company.
Running trains
Normal trains: large and small cities both count for the length of the run.
Plus trains: large cities in run cannot be more than first number; total of large and small not
larger than sum of both numbers.
E trains: infinte length routes, but only count the number of cities equal to size of train. At
least one city counted must have token.
All trains may terminate in large or small cities.

External links (red) count as large cities; harbours (blue) count as small cities.
Routes may contain two cities on the same hex.
Dividends
Revenue of company is increased by bonus dependent on share price at start of turn.
For each ferry connection used, revenue is reduced by ¥ 10.
If single train running between Russia and Vladivostok, revenue bonus of ¥ 50.
Shares in bank or on Foreign Investors do not pay dividend.
Share price moves 1 space left if no dividend.

Share price moves 1 space right if dividend.
Buying trains
After first 3 train, may buy train from another company of same president; minimum price ¥ 1.
When train limit changes, excess trains are removed from the game.
Restored 2 trains are available after the first 6 train is bought. Count for train limit.
Maximum one per company.
Companies must own train at end of turn, not counting restored 2 trains.
Emergency financing: can only buy train from bank; may not be a restored 2 train.
President must use own cash; may optionally sell shares, but only if no change of president
in any company.
If not enough money is raised, director is in debt.
Interest on debt: 50% immediately when debt is taken; 50% at end of every SDR.
Player in debt cannot buy shares; may repay debt at any time.
After each new train purchase until the last 8 train, move train purchase marker.
(Not after purchase of restored 2 train.)
After complete OR without purchase of new train, remove all remaining trains of current level
(except 10 trains).
When the last train of a type has been bought or removed, there is a SDR.
After SDR, OR continues in train purchase phase of current company's turn.
End of game
After last 8 train has been bought or removed, all companies operate three more times.
Do not move train purchase marker at later train purchases; company with marker is last one
to operate.
Phase changes
Tiles Train limit

A1 From start Yellow 4 Companies float at 20%.
Only 50% of shares available.
A2 First 2+2
B1 First 3 Green Companies float at 30%. All shares available.
2 yellow tiles per turn.
May buy trains from other companies.
B2 First 3+3 3
B3 First 4 2 trains rust. Companies float at 40%.
Communism: share prices do not change.
Privates stop paying dividends.
Foreign Investors inactive.
Presidents cannot sell own shares.
C1 First 4+4 Brown 2+2 trains rust.
C2 First 6 3 trains rust. Companies float at 60%.
Restored 2 trains available (¥ 250).
Communism ends: share prices can change,
normal share trading.
C3 First 6E 2 3+3 trains rust.
D1 First 8 Grey 4 trains rust. Price of tokens doubles.
Last 8 Last SDR. Three more ORs.
D2 First 8E 4+4 trains rust.
D3 First 10
Eugène van der Pijll (eugene@vanderpijll.nl, BoardGameGeek: pijll). 2012-05-22.

Set Up: Number of Players 3 4 5 6 7

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1880

Player left of start player of previous auction starts next auction.

Foreign Investors operate like companies, except they:

Share Dealing Rounds

Sell, then buy.

May own up to 100% of company. Bank can hold unlimited shares.

All trains may terminate in large or small cities.

Routes may contain two cities on the same hex.

Shares in bank or on Foreign Investors do not pay dividend.

Share price moves 1 space left if no dividend.

Tiles Train limit

Eugène van der Pijll (eugene@vanderpijll.nl, BoardGameGeek: pijll). 2012-05-22.

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