Implementation Strategies of TOD Investing and Financing Model in Shenzhen

Objective Due to its advantages of high flexibility, strong operability, and risk diversification, TOD（transit oriented development） investing and financing model（hereafter abbreviated as TOD model）has become a new choice for rail transit in this respect. The implementation strategy of this model plays an important role in promoting market-oriented operation of rail transit and ensuring its sustainable and healthy development. Therefore, it is necessary to study the implementation strategy of TOD model. Method By taking advantage of the policy opportunity of foretasting and leading demonstration, Shenzhen actively explores and practices the TOD model with remarkable achievements. Through analyzing the unsustainability of conventional rail transit investing and financing models, and reviewing the practical process of Shenzhen TOD model, its relevant implementation strategies, such as implementation goals, ideas, and paths, are summarized. On this basis, the future development trend is judged and the sustainable development direction of TOD model is proposed. Result ＆ Conclusion The implementation goal of the TOD model is to build a quasi-market investing and financing system for rail transit. Its implementation idea is to allocate the comprehensive development resources for rail transit projects, inject them into rail transit enterprises for resource assetization and asset capitalization operations. The implementation path is to carry out an integrated business model of "investing and financing+construction+operation+resource development+property management" for rail transit enterprises. The development direction is to combine with other investing and financing models, forming diversified sustainable TOD models, such as TOD+PPP（public private partnership）, TOD+urban renewal, TOD+multi-regional cooperation, TOD+REITs（real estate investment trusts）, and TOD+government special bonds.