Abstract：This case firstly introduces the new southern railway project as a representative of PPP projects （public-private partnership）. The background of the new southern railway project and the key project risks allocate at each stage in the project are described in the case. With different selection of the procurement strategy, the effectiveness of risk management including outcomes and value delivered and project time management and cost spent has different results. The project has attracted the considerable public criticism and to be labelled as a debacle. Eventually, it is important to find the key areas to improvement and summarize lessons learned and implications for future delivery as the conclusion of this case study. Keywords：Public-private Partnership Project; the New Southern Railway; Risk Allocation; Public Infrastructure 1.版权所有：本案例由必赢766net手机版程海芳副教授撰写，版权归必赢766net手机版所有。未经允许，本案例的所有部分都不能以任何方式与手段擅自复制或传播。 2.本案例授权中国管理案例共享中心使用。 3.由于企业保密的要求，在本案例中对有关名称、数据等做了必要的掩饰性处理。 4.本案例只供课堂讨论之用。