"The first phase will be within budget, at $4.45 billion. The total cost of the 8.5-mile (13.7 km) line is expected to exceed $17 billion.'
This article says that low-speed maglevs are competitive:
http://news.xinhuanet.com/english/2016-05/06/c_135339867.htm
"The line costs between 150 million yuan and 250 million yuan per kilometer, making it highly economical compared to subways and light rail, which cost up to 800 million yuan and 300 million yuan per km respectively"
Do you have any facts to back up your "white elephant" claims?