Research on the innovation BT mode of Urban Rail Transit Projects based on project control right — A case of Shenzhen Metro Line 5

The increasing demand of the Urban Rail Transit Projects (URTP) and the insufficiency of government financial capital make BT mode a better choice of financing and construction mode for infrastructure project. However, the co-organizer of the URTP under BT mode has the project control right during the construction period; while, the sponsor is not in charge of the project operation, which makes it difficult for the realization of the operation function. The paper takes Shenzhen Metro Line 5 as the example, analyzes the BT mode from the perspective of Project Control Right Allocation and points out the BT mode is a weak BT mode, that is, BT sponsor has strong control right during the operation and undertakes supervision responsibilities. The weak BT mode is an innovation mode on PCRA. It meets the management demands about operation function, reducing management interface and helping to transfer risks. At last, the paper analyzes the limitations of the innovation BT mode, which will help to explore certain value on theoretical study and practice of URTP BT mode.