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The development of large infrastructure projects requires the consideration of many different risks in advance, of which the two common risks are strategic risk and project risk. This study provides an overview of the different relevant literature on risk management of large infrastructure projects. Based on the Hong Kong section of the Guangzhou-Shenzhen-Hong Kong high-speed rail, this study identified the project’s main strategic risks and project risks, and provided suggestions for risk management.

This paper will study the anatomy of the decision making of Hong Kong Section of Guangzhou-Shenzhen-Hong Kong High Speed Rail (XRL). The paper will focus on five aspects. They are drivers of megaprojects, mega infrastructure project as an agent of change, early and effective stakeholder engagement, Iron Triangle and context awareness. XRL will be regarded as a resonance test of the international literature findings.