Shenzhen rail transit has entered a period of high-quality development, the financial pressure of the government is increasing, it is necessary to innovate the investment and financing mode again. Shenzhen rail transit have experienced a unitary and diversified innovation in investment and financing, the fifth phase will implement the idea of integrated development of rail and land, and the development of railway integrated property is the cornerstone of rail transit investment and financing re-innovation. Based on the opportunity that Shenzhen should make use of the pilot and leading demonstration policies, the author puts forward two innovative investment and financing modes: the innovation point of "rail transit PPP projects + railway integrated property planning + floating cash subsidy" is that the PPP company should do a good job in railway integrated property planning based on TOD concept. The government auctions the land and obtains the land price in full according to the planning scheme, compensates the PPP company according to the floating proportion specified in the agreement, and the PPP company maximizes the floating cash subsidy through the planning of the railway integrated property; the innovation point of "joint bidding of rail transit PPP projects and railway integrated property development" is that the rail PPP and railway integrated property are joint bidding as the same project, and the land price can offset the cost of rail construction, reduce the central and local expenses of land revenue, and realize the optimal combination of rail construction cost and land price. The PPP company can obtain value-added income through the development of railway integrated property to feed the rail construction and operation, the property development also attracts patronage. The government and enterprises can achieve a win-win situation.