The Study On Integrative Implement Model Of BT Project And Development For Level One Land

Since reform and opening up, Chinese infrastructure construction is accelerating, the appearance of urban and rural infrastructure had a tremendous change. However, as a result of China's rapid development of industrialization and urbanization process, the existing infrastructure is also far from meeting the economic and social development. According to Asian Development Bank statistical data, it shows that China's annual fund demand for the infrastructure construction reaches as high as 160,000,000,000 U.S. dollars. If we continue the traditional model of construction, it is really impossible for the Government to raise the so huge infrastructure fund in a short term, only depending on the financial capital supply. In order to adapt to the current situation of the development, the State Council issued the "State Council's decision on investment system reform" in July 25, 2004, and request to transform the government's management functions, establish enterprise's subject of investment status. And it encourage and guide social capital to involve in the managerial public utility and the infrastructure projects'construction, with the pattern of wholly-owned, joint capital, Cooperation, the joint management, project financing etc. Under this situation, if we guide enterprises positively to participate in the infrastructure construction with BT model, and skillfully combine BT project with land first-level exploitation,it not only deepens the investment system reform in response to the call, but also be a good method which can resolve the hardship of local governments in the infrastructure construction.This article embarked from financing situation of our country infrastructural construction, pointed out the urgency of innovation on the promotion of infrastructure financing model, elaborated the basic concept and the characteristic of BT model and land first-level exploitation, analyzed the domestic and foreign BT model as well as the research and implementation present situation, and summed up the main problems of the current implementation of BT mode. On this basis, the author combines of his practical experience, and makes a study on the implementation model of the combination of BT project and the land first-level exploitation. The author also builds the basic framework of the implementation model of the combination of BT project and the land first-level exploitation, and analyses the main responsibility of all partnerships and the legal, management and economic relations between themselves. And then make effectiveness analysis, risk analysis on the model, put forward the definite method of a fixed rate of return based on CAPM model. Finally conduct empirical research based on case analysis, and carry on the forecast to the implementation model of the combination of the BT projects and the land first-level exploitation.In this paper, the implementation model of the combination of the BT projects and the land first-level exploitation is the evolution pattern of traditional BT model. The core of this model is to organic combine the BT project and land first-level exploitation organically, the sponsors is requested to implement the BT model and land first-level exploitation at the same time. Then the project initiators gain the income by selling the exploited-land, and complete the BT project buy-back with the money. So the BT project buy-back pattern has been changed from the traditional after-construction buy-back to the construction period buy-back. As a result, this model realizes the project's trundle development, reduces the government's financial pressure, and highlights the superiority of BT model, simultaneously expands the land first-level exploitation financing channel.