Under strong support from Zhejiang Provincial Government and China State Railway Group Co.，Ltd.，The Zhejiang private consortium led by Fosun led the investment and construction of Hangzhou-Shaoxing-Taizhou Railway （“HST”），the first Chinese high-speed railway where controlling interest is held by private capital. HST takes the innovative dual model approach of “PPP + EPC”，with breakthroughs in transaction structure，equity cooperation，land policy，profit and risk sharing，and financing，etc. To resolve challenges with private entity financing for large infrastructure projects，HST uses a mix of provincial，municipal funding as well as a Viability Gap Funding mechanism. The “HST Model” has been successfully adopted in subsequent high-speed railway PPP projects such as the Hangzhou-Wenzhou High-speed Railway and the Hangzhou-Quzhou High-speed Railway，and has produced a good demonstration effect in the process of China’s railway market exploration.