China Railway Group is in talks with South Africa's government to build a $30 billion high-speed rail network, Bloomberg News said on Tuesday, citing the chairman of the Chinese firm.

The talks are at an early stage and no funding is in place, although the company has signed an agreement with South Africa's Standard Bank, Li Changjin said at an investor forum in Beijing, according to Bloomberg.

No one was immediately available for comment at Standard Bank, Africa's biggest lender by assets. Standard Bank is 20 percent owned by China's Industrial and Commercial Bank of China.

Ahead of the 2010 soccer World Cup, South Africa launched the initial phase of the continent's first high-speed urban train, which cost 24 billion rand ($3.24 billion).

South Africa's transport minister Sibusiso Ndebele in April proposed the construction of a multi billion-rand high-speed train network linking Johannesburg and the city of Durban.

Ndebele said at the time he would ask the cabinet in this financial year to approve a feasibility study.

South Africa wants Chinese banks to help fund the project and China Railway wants South Africa to contribute up to 40 percent of the capital, Li told Bloomberg.