The core problem of developing urban rail transit is financing [1]. For a long time, the slow development of rail transit in China is mainly due to the problem of funds. Rail transit investment is huge, and it is unrealistic to rely solely on government investment. In order to solve the funding problem and speed up the construction of rail transit in China, the General Office of the State Council issued the Notice on Strengthening the Construction and Management of Urban Rapid Rail Transit (Guo Ban Fa [2003] No.81), proposing to "diversify investment channels and investors, and encourage social capital to participate in the investment, construction and operation of rail transit by means of joint venture, cooperation and entrusted operation".
At present, China is actively exploring various ways to broaden the financing channels for rail transit construction, among which BOT mode is the research hotspot [2]. Rail transit is a kind of non-profit infrastructure, but most of the rail transit in the world today is in a loss-making state and does not have stable and continuous cash flow, so the traditional BOT construction model is often difficult to succeed in practice. A new BOT financing mode, namely BDOT (Build-Develop-Operate-Transfer) mode, is adopted in the construction of Shenzhen Rail Transit Line 4, which combines the land and property development around rail transit with BOT. This is the first rail transit project in China to put BOT into practice, and a useful attempt has been made in the combination of public facilities land and surrounding land development.
2 Overview of project financing
2. 1 Project overview and financing background
According to Shenzhen Urban Rail Transit Construction Plan [3], the long-term planning of Shenzhen urban rail transit network consists of 15 lines with a total length of 365 kilometers. The first phase of Shenzhen rail transit project consists of the east section of 1 line and the south section of line 4. The total length of the main line is 2 1.8 km, and the total investment is115.53 million yuan, of which 70% is invested by the government and the remaining 30% is guaranteed by the government to borrow from banks. On the basis of the completion of the first phase of rail transit project at the end of 2004, five lines will be built in the near and medium term (to 20 10), namely, the extension of 1 line, Line 2, Line 3, Line 4 and Line1* *. If the investment and financing mode of the first phase of the subway project is still adopted, the government will need to invest 6-8 billion yuan each year in the next 5-8 years, and with the subsidy for the initial operation of the subway line, the track investment will be nearly 654.38+0 billion yuan. This is not only not conducive to the sustainable development of rail transit, but also will bring a heavy financial burden to Shenzhen.
According to the spirit of document 19991February 15 10. The State Planning Commission [2003] No.81,the former Ministry of Foreign Trade and Economic Cooperation formulated the Notice on Issues Concerning the Examination and Approval Management of Pilot Foreign Investment Concession Projects and the Notice on Issues Concerning the Absorption of Foreign Investment by BOT ([1994] Foreign Trade Law Letter No.89) and other policies and regulations, on August 29, 2002,
According to the spirit of the executive meeting of the municipal government, Rail Transit Line 4 is planned to be built in cooperation with the Hong Kong Metro Company (MTR) by adopting the ppp investment mechanism with the participation of the government and individuals. Shenzhen Rail Transit Line 4 starts from Huanggang Port in the south, reaches Longhua New Town Center in the north and passes through Shenzhen Central District, with a total length of about 20.5 kilometers, of which the second phase extension project is about 16 kilometers, with a planned total investment of 5.8 billion yuan. According to the relevant policies of the state and the relevant provisions of the franchise of public utilities in Shenzhen, the Shenzhen Municipal People's Government signed the Agreement on Investment, Construction and Operation of Shenzhen Rail Transit Line 4 with MTR on June 5, 2004+10/October 5, 2004 through open recruitment of investors, qualification examination and intention negotiation, and decided in principle to invest, construct and operate Shenzhen Rail Transit Line 4 by granting franchise for a period of 35 years. On the basis of this agreement, at the beginning of 2004, Shenzhen and Hong Kong began hard negotiations on land development mode, supervision and risk prevention for nearly a year, and finally signed the franchise agreement of Shenzhen Rail Transit Line 4.
2.2 Construction principles
2.2. 1 principle of diversified investment
Diversification of investment is conducive to reducing the government's investment burden and improving the efficiency of the use of financial funds; In line with the national spirit of reform on further opening up the urban rail transit market; It is helpful to improve the operation efficiency of rail transit, realize self-financing and form a virtuous circle, which is the direction of rail transit operation system reform.
2.2.2 Principles of Specialty Construction
It is the development direction of subway construction system to choose subway construction company through professional entrustment construction and bidding. From the reality of Shenzhen, the construction of rail transit network in the near and medium term needs specialized subway construction companies and the principle of paying equal attention to training and introduction.
2.2.3 Principle of relatively centralized operation
Under the diversified investment system, shareholders must choose the most efficient subway construction and operation mode to realize the return on investment. When a city is exclusively operated by an operating company, there will be a lack of incentive and restraint mechanisms. There are too many operating companies to achieve economies of scale and increase operating costs. According to the scale of investment and construction of Shenzhen Metro and referring to relevant domestic experience, we should cultivate a government-owned operating company and introduce an experienced operating company (such as MTR). Moderate competition between them will help to improve the operation efficiency of rail transit network.
2.2.4 The principle of unified government management
Management system includes supervision function and service function. Under the framework of diversified investment, the unified management of the government is mainly reflected in the following aspects: first, the overall planning of rail transit network and the development plan in the near and medium term are uniformly formulated and guided; Second, unified management of rail transit network facilities, including control center, network maintenance comprehensive base and some power supply facilities; Third, formulate and coordinate the technical standards for the construction and operation of rail transit network.
3 the basic framework of project financing
According to the principle agreement reached between Shenzhen and Hong Kong, MTR invested in the construction and operation of Shenzhen Rail Transit Line 4 for 35 years (5 years of construction and 30 years of operation) by granting franchise. MTR is responsible for the full investment of the extension project of Line 4, and in order to ensure the unified operation of Line 4, the first phase of Line 4 will be leased to MTR for operation. Based on the public welfare nature of rail transit projects and the characteristics of long-term operating losses, Shenzhen will develop a new BOT financing model-BDOT (Build-Develop-Operate-Transfer) project financing model, that is, the whole project takes capital investment, bank loans, rail transit operating income and value-added income from land development along the line as the main cash flow sources, and MTR is responsible for the construction, development and operation of Line 4 in the first 30 years. Investors include Shenzhen Municipal Government and social investors represented by MTR, and their investment and financing construction mode is shown in Figure 1.
Application of 4BDOT financing mode
4. Introduction of1BDOT financing mode
BDOT is the abbreviation of "construction, development, operation and transfer". The difference between BDOT and traditional BOT lies in the addition of a development link, which combines the development of land and property around rail transit with BOT. Compared with the traditional BOT financing construction mode, the characteristic of this mode is that the government grants the development right of project-related industries and regions to the project contractors in the franchise, supports the construction of non-profit infrastructure and ensures a stable capital flow [4].
The operation process of BDOT on Line 4 is shown in Figure 2. The preparatory stage is from the beginning of 2004 to the beginning of 2005, and the main work is to sign the principle agreement and franchise agreement; The period from 2005 to 20 10 is the construction stage. The main work is the technical research, design, bidding, construction, project completion and trial operation of Rail Transit Line 4, which is organized and implemented by the wholly-owned project company invested by MTR. From 2005 to 2040, with the construction and operation of Rail Transit Line 4, the Shenzhen Municipal Government allocated land and the MTR carried out land development; The operation stage is from 20 10 to 2040, and the MTR is responsible for organizing the operation; 2040 is a milestone in the handover. In order to ensure the smooth handover, it is suggested that the Shenzhen Municipal Government should make preparations for the handover in advance so that the operation phase and the handover phase can overlap for five years. It can be seen that development is accompanied by the whole process of operation, which provides financial guarantee for normal operation.
4.2 Characteristics and innovation of financing mode
4.2. 1 Advantages
Using BDOT project financing mode to build Shenzhen Rail Transit Line 4 has the following advantages:
First, introduce foreign capital to improve the efficiency of urban infrastructure construction in Shenzhen.
The total investment of Shenzhen Rail Transit Phase II Project is tens of billions. Only relying on the government's financial input to build and maintain the urban rail transit system will overwhelm the government's financial resources. MTR undertakes all the investment in the construction of Line 4, including the initial land acquisition and site clearing costs, facilities construction and equipment purchase costs, and is responsible for the first 30 years of operation, which is conducive to speeding up the construction of the second phase of rail transit system, alleviating the financial pressure of the government and exploring a new diversified investment model for rail transit system.
Second, introduce new urban planning concepts to guide the development of new urban areas with rail transit.
The positioning of Line 4 is different from that of Line 1: Line 1 is mainly arranged along Shennan Middle Road in Shenzhen, with a high degree of development, and the main purpose of construction is to alleviate traffic pressure; Line 4 will run from Huanggang Port along Huanggang Road to Longhua New Town Center, and there is more land available for further development along the line. Introduce the experience of high-density development of Hong Kong subway in a certain range around rail transit stations, and adopt the "Pearl Chain" urban development model to develop rail transit stations into regional centers and transportation hubs, so as to accelerate the development of Longhua City Sub-center.
Third, combine the construction of urban rail transit with the intensive development of land along the line to achieve the purpose of benefiting Shenzhen.
In many cities, because rail transit planning lags behind urban planning, land value-added benefits often belong to land developers along the line, and it is difficult for the government to get this part of the benefits. And sometimes it is necessary to pay a large amount of compensation to the property owners and operators along the line during construction. In the process of planning, opportunity study and negotiation, Line 4 always adheres to the principle of "benefiting Shenzhen", and attaches importance to and implements the idea of "three synchronizations"-synchronization between urban planning and rail transit planning, synchronization between the introduction of strategic investors and the preliminary work of rail transit, and synchronization between rail transit construction, operation and handover planning and supervision scheme. Closely combine rail transit construction with urban planning to promote the realization of their internal interests.
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