Study On Post - Evaluation Of BOT Project Of Kunming East Connecting Expressway

BOT (Build-Operate-Transfer) is a project mode of financing and construction arising in the80’s of last century. It provides a way for the private capital to participate in infrastructure construction and supply public services to the community."The Kunming East Connecting Line" is the first BOT expressway project in Kunming, which has a total length of31.607kilometers, a total investment of RMB2.938billion and a franchise period of3years. The project construction started in2004March, and completed in2006December. Till now, The expressway has put into operation for more than seven years.To sum up the Kunming East Connecting Line BOT Project and provide useful references for other projects in the future, the paper sets up a post-evaluation index system of3levels and16detailed indicators, mainly including of process evaluation, financial benefit evaluation and financing structure evaluation. After comprehensive evaluation and analysis of the BOT project, we have conclusions as follows:firstly, the BOT Project has reached the demand of the Feasibility Study, Preliminary Design and Construction Drawing primitively; secondly, the project financial benefit does not meet the expectations of investors, but the deviation from the target is not far (not more than20%);thirdly, the design of financing structure in the rate of investment return and risk management is worth learning, but it needs improvement in some areas, such as the financing mode of BOT is not well prepared, the depth of Feasibility Study is not enough, the negotiation period is too long, and the role of government regulation is lack.Through the post evaluation of the Kunming East Connecting Line BOT Project, we have summed up the experiences and shortcomings of the project, which provide useful reference to the development of BOT.