Titles in The BOT Financing in China
The Property Law of the P.R.China(2007) provides that all assets for national defense belong to the State. All infrastructures such as railways, highways, power facilities, telecommunications facilities and oil land gas pipelines that belong to the State in accordance with the provisions of law are owned by the State (Article 52).
While in the Highway Law of the P.R.China(2004), relevant provisions provide that the State encourages economic organizations at home and abroad to invest in highway construction(article 21); The proceeds from assignment of highway toll rights under this Law shall be used for highway construction. . Once construction of such highways is completed, the investors shall collect the tolls and operate the highways(article 60)
Article 65 With respect to highways, the toll rights of which are assigned with compensation, at the expiration of the period specified in the contract for the assignment of highway toll rights, the toll rights shall be returned to the assignor.
With respect to the toll roads built with the investment of and operated by domestic or foreign economic organizations in accordance with law, at the expiration of the agreed period of operation, the said roads shall be returned to the State without compensation and managed by the relevant competent department for communications.
In the Notice on Issues in The Management of Pilot Foreign Investment Franchise Programs(1995)(hereinafter referred as the Notice), which refers the Foreign Investment Franchise Program as infrastructures construction programs supported by so called BOT(Build- Operate-Transfer), it is said that the project company has the ownership of the facilities of the franchise project in the franchise period. At the same time, highways from 30 km to 80 km are considered as subject matters in Article 4.
Because of the above apparently contradictory provisions, the ownership of the facilities in BOT project is an arguable issue. In practice, the ownership of different infrastructures should comply with specific laws and rules separately. With respect to the highway, even though the Notice rules that the project company has the ownership of the facilities of the franchise project in franchise period, researchers are trend to disaffirm that the ownership of highways can be owned to non-national right subject, on the ground of the importance in the public interest and the indivisibility of the highways. The nature of the franchise right is considered as usufruct, which means the franchise body can possess, use and get benefits from the property during agreed period. It is a result of dividing capacities of property ownership for different subjects to possess, utilize, profit from and dispose of the property. Specifically the franchise of highway may include the right of toll, right of operating advertisement, right of operating service devices and so on.
BOT项目融资模式中的产权归属问题
《物权法》(2007)第五十二条规定：法律规定属于国家所有的文物，属于国家所有。铁路、公路、电力设施、电信设施和油气管道等基础设施，依照法律规定为国家所有的，属于国家所有。
《中华人民共和国公路法》(2004)第二十一条与第六十条中的相关规定是：国家鼓励国内外经济组织对公路建设进行投资。依照本法规定出让公路收费权的收入必须用于公路建设。公路建成后，由投资者收费经营。约定的经营期限届满，该公路由国家无偿收回。
第六十五条 有偿转让公路收费权的公路，转让收费权合同约定的期限届满，收费权由出让方收回。
由国内外经济组织依照本法规定投资建成并经营的收费公路，约定的经营期限届满，该公路由国家无偿收回，由有关交通主管部门管理。
《关于试办外商投资特许权项目审批管理有关问题的通知(国家计委、电力部、交通部)》(1995)是关于外商建设—运营—移交的基础设施项目(通称BOT)的专门规定。其第二条规定：在特许期内，项目公司拥有特许权项目设施的所有权。同时，该通知的第四条把30—80公里高等级公路纳入了试点范围之内。
正是由于以上诸多的规定，导致人们在BOT模式中项目设施的所有权归属问题上存有争议。实践中，不同的建设项目的产权划分需要遵循不同的法律法规。而具体到公路建设经营项目，虽然《关于试办外商投资特许权项目审批管理有关问题的通知(国家计委、电力部、交通部)》有“项目公司拥有特许权项目设施的所有权”之规定，但基于公路的公益性、不可分割性，公路的所有权能否归属于非国家的主体的问题是基本被研究者们否定的——即，公路的所有权主体只能是国家。而公路的特许经营权的性质则被解释为用益物权，是将公路所有权中的占有、收益、使用与处分等权能分离，由不同的主体来行使的结果。[1]而公路经营权的内容则可能包括通行费的收费权、广告经营权和服务设施的经营权等。[2]
[1] 参见 李晓群：“湖南高速公路建设投融资模式初探”，可见于 湖南高速公路网(http://www.hngs.net/gzlt/ShowArticle.asp?ArticleID=3407)，最后访问时间2010-4-6;陆萍：“解决特许经营权就是解决高速公路管理体”，2003-07-28，载于 中国公路网(http://www.chinahighway.com/news/2003/48332.php)，最后访问时间2010-4-6;“公路管理的核心问题”，榆林公路管理局网(http://yl.sxhighway.gov.cn/index.htm)，最后访问时间2010-4-6;刘海泉：“论收费公路所有权归属问题”，载于 中国公路网(http://www.chinahighway.com/news/2006/137347.php)，最后访问时间2010-4-6;“BOT 模式及其主要形式比较研究”，载于 BOT项目投融资网(http://botchina.bokee.com/4140141.html)，最后访问时间2010-4-6;钱广富：“我国BOT工程运营期间的项目所有权问题”，可见于 临沂律师网(http://www.jhrlawyer.com/Article_Show.asp?ArticleID=2568)，最后访问时间2010-4-6。
[2] 参见 益阳至娄底高速公路项目，见 中华商务资讯网(http://www.chinaccm.com)，最后访问时间2010-4-6。
