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Bower, D A (2000) A systematic approach to the evaluation of indirect costs of contract variations. Construction Management and Economics, 18(03), 263-8.
Cheung, S-O, Tam, C M, Ndekugri, I and Harris, F C (2000) Factors affecting clients' project dispute resolution satisfaction in Hong Kong. Construction Management and Economics, 18(03), 281-94.
Hooper, A and Nicol, C (2000) Design practice and volume production in speculative housebuilding. Construction Management and Economics, 18(03), 295-310.
Lai, L W C (2000) The Coasian market-firm dichotomy and sub-contracting in the construction industry. Construction Management and Economics, 18(03), 355-62.
Love, P E D, Li, H, Irani, Z and Faniran, O (2000) Total quality management and the learning organization: a dialogue for change in construction. Construction Management and Economics, 18(03), 321-31.
Ofori, G (2000) Globalization and construction industry development: research opportunities. Construction Management and Economics, 18(03), 257-62.
Ozdogan, I D and Birgonul, M T (2000) A decision support framework for project sponsors in the planning stage of build-operate-transfer (BOT) projects. Construction Management and Economics, 18(03), 343-53.
Rogers, M (2000) Using Electre III to aid the choice of housing construction process within structural engineering. Construction Management and Economics, 18(03), 333-42.
Slaughter, E S and Shimizu, H (2000) 'Clusters' of innovations in recent long span and multi-segmental bridges. Construction Management and Economics, 18(03), 269-80.
Wang, S Q and Anson, M (2000) Comparison of the concreting productivities in Hong Kong and Beijing and a proposed comparison methodology. Construction Management and Economics, 18(03), 363-72.
Wang, S Q, Tiong, R L K, Ting, S K and Ashley, D (2000) Foreign exchange and revenue risks: analysis of key contract clauses in China's BOT project. Construction Management and Economics, 18(03), 311-20.
- Type: Journal Article
- Keywords: BOT; currency convertibility; foreign exchange; risk; management
- ISBN/ISSN: 0144-6193
- URL: https://doi.org/10.1080/014461900370672
- Abstract:
Despite the Asian financial crisis, there was still growing international interests by sponsors in China’s infrastructure projects financed on build-operate- transfer (BOT) concession contracts. With the closure of the Guangdong International Trust and Investment Corporation (GITIC), foreign banks have become cautious towards new loan applications by Chinese companies and they were confused about government support and guarantees. Therefore it is important to analyse and manage the unique or critical risks associated with China’s BOT projects. This is especially so after new policies were introduced in late 1996 when the first state-approved BOT project, the US$650 million 2 X 350 megawatt coal-fired Laibin B Power Plant (Laibin B), was awarded. The findings are reported from an international survey on risk management of BOT projects, with emphasis on power projects in China, with a discussion of the adequacy of the key contract clauses used in the Laibin B’s concession agreement (CA) in addressing the foreign exchange and revenue risks, which include exchange rate and convertibility risk, financial closing risk, dispatch constraint risk and tariff adjustment risk. Areas for improvements to these contract clauses are suggested.