Financing Technologies for Construction Projects in Russia and China: Comparative Analysis

Abstract

The article is devoted to the territorial development of the largest cities in Russia and China. As part of the analysis, several methods of financing analytical development prospects have been identified. The purpose of this article is to identify common approaches with the PRC and the distinctive features of financing construction projects in the Russian Federation, aimed at ensuring the implementation of both infrastructure projects and housing construction in large cities. The article discusses such financing methods as corporate financing and project financing, as well as the use of public-private partnership tools on the example of urban investment and development companies, which are a unique example of state investment holdings in the China. An example of the Shanghai agglomeration "Shanghai-Nanjing-Hangzhou Triangle" with a population of more than 66 million is given as one of the most successful cases in terms of fulfilling the set strategic goals to demonstrate the effectiveness of the strategic territorial planning of Chinese agglomerations. At the same time, the analysis of Russian experience makes it possible to identify special technologies in housing construction with the help of project financing, which is mainly implemented not with state money, but with the money of homebuyers using escrow accounts. The article can be useful both for urban planners interested in economic prerequisites in the development of cities and economists interested in modern territorial planning and urban planning concepts.