Financing Mode Beijing City Center Building

With the comprehensive progress has been made in urbanization, Beijing gained rapid economic growth and social developments, but the population, resource and environmental constraints have become more seriously. To solve these problems, the municipal government envisaged to construct "sub-center", aimed to transfer the core functions to the periphery. Tongzhou District undertakes the historical task, the most important issue is how to innovate financing model to solve the problem of shortage of funds in the construction of "sub-center".In this paper, the author tries to study the financing problems of urban construction. Firstly, based on Tongzhou’s realities, the author estimates the scale of financing for the coming three years, then makes an analysis in land reserves, platform companies, the cooperation between banks and trust companies, and selects some more representative models of urban construction financing around domestic and overseas from which to find the problems, learn experiences.Finally, divided the government financing into three stages, creatively proposed the concept that financed with city construction and operation rights, use " market-oriented investment and financing platform under government guidance " to replace " government-led investment and financing platform under government control", not take equity financing and debt financing, but choose the third form-financed with city construction and operation rights, attract social capital to participate in city construction. By this way, first to solve the lack of financial investment and collateral, second to formed a replicable financing model, convert the government’s attention away from the primary development of land market to the secondary stage, reducing dependency on government land finance and stimulate investment in the progress, try to find a practicable model for the financing of "sub-center" construction.