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BT model is widely used in municipal infrastructure construction financing in recent years. The repurchase price of BT project is the core issues between project sponsor and BT investors. Repurchase price consists of two parts: project settlement price and investment income. Return on investment is closely related to bank lending rates, social discount rate and the risk level of investor tolerance. By utilizing CAPM model, the author analyzed how to determine the rate of return required by investors, which effects the return on investment of BT project. The calculating formula of return on investment of BT project is proposed according to different repurchase manner.