Abstract
The utility tunnel contains important infrastructure such as electricity, communication and heating, which is related to the vital interests of the people. The utility tunnel construction can effectively solve the problem of “road zipper”, make good use of underground space resources and improve the city's comprehensive management capabilities. Based on the observation of theory and practice, the problem of ownership of urban Underground utility tunnel is a prominent problem affecting its development. There is a lot of controversy over ownership issues, and most SPV (Special Purpose Vehicle) company want to enjoy it, which is good for bank financing. However, The utility tunnel has special characteristics, and the government enjoys the ownership can better protect the public interest. In most cases of the PPP project, it is based on such considerations that the ownership of the assets belongs to the state. For the better development of underground utility tunnel, it is urgent now that we need to improve the legal system of underground space and set standards for transfer of ownership. In order to facilitate the financing of SPV company, we should improve the the pledge of accounts receivable and the path of asset securitization, instead of relying solely on the traditional real estate mortgage to realize the function of guarantee.
Highlights
As an important urban infrastructure construction, the Underground utility tunnel has highlighted its economic and social benefits
While the experience of the development of utility tunnel is being studied, legislation should be adopted to clarify the ownership in order to establish criteria for transfer of ownership that allows ownership transfer to be applied to all PPP projects
The issue of ownership is so sensitive that it has affected the operation of the project, as a result to clarify its ownership issues is conducive to reducing disputes in the construction of utility tunnel
Summary
As an important urban infrastructure construction, the Underground utility tunnel has highlighted its economic and social benefits. Based on the observation of theory and practice, the problem of ownership of utility tunnel is a prominent problem affecting its development. Through the observation of cases, it is found that the ownership problem in the construction of the utility tunnel is quite controversial. On the issue of the ownership of the utility tunnel, the pledge of accounts receivable should be improved to achieve the guarantee function, to realize the need for financing and to avoid a series of problems caused by ownership transfer. Through the discussion on the ownership of urban underground utility tunnel, it is conducive to promoting the consensus of all stakeholders on urban utility tunnel development under the PPP model. The proposed measures for ownership need to be further deepened, and the internationality needs to be improved
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