Currently, China is facing the critical window of construction on the underground comprehensive utility tunnel project. Accurate risk identification is required, as the prerequisite for the realization of reasonable risk sharing between the administration and the private sectors. Utilizing Delphi method, opinions from 10 representative experts in the professional field were investigated and collected to identify 15 categories of risk, which are faced by the PPP scheme of underground integrated corridor project in China through four rounds of consultation. By analyzing the relationship between the identified risk factors by using the analytical ISM model, it is concluded that there are progressive relations among the risk factors, and there are two sets of strong correlation factors in the system that should be regarded as the dominating risk management.
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