 In 1907, Liang Shiyi proposed the formation of a Bank of Communications to redeem the Beijing–Hankou railway from its Belgian owners.The Bank of Communications was formed in 1908 and provided more than half of the financing needed to buy the railway, the remaining coming from the Imperial Bank of China and the Ministry of Finance.The railway was placed under Chinese control on January 1, 1909, and the successful redemption enhanced the prestige of Liang's Communications Clique.