Abstract：Research purposes: The construction mode of urban rail transit has been transformed from the government-oriented indebted financing mode to the more socialized and diversified ones in China. How to attract social investment, how to make the urban rail transit project profitable and how to realize the hematopoietic function of the urban rail transit project are crucial to the socialized financing mode. On learning the successful experience of the subway construction in Hong Kong, this paper discusses the financing thinkings and analyzes the economic issues related to the subway and property mode for providing the reference to promoting the reform of the diversified financing mode for the construction of urban rail transits in China.
Research conclusions: From the research it is concluded: (1) On considering that the property resources can not be used as the capital under the current policy, it is proposed the government should set up a construction fund or make a promise of the financial investment for urban rail transit to avoid the capital risk and obtain the approval of projects. (2) The construction and operation of the blinded subway with the property should be evaluated as the comprehensive project. (3) The following points should be considered in the economic evaluation: The internal rate of return should be oriented from the cost of the market capital and on considering the a certain risk investment，it should be a little higher than the bank long-term loan to attract more social capitals. (4) The incremental benefits deducting the property development cost and the amount of contribution of the subway capital can be regarded as the "resource income" and go into the cash inflow，and the inputs and outputs of the other items should be calculated according the subway mode.
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2013, Vol. 30 
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