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The article deals with the issue of emerging risks during the transition period of the ongoing reform in shared construction participation system (SCP system) effective as of 2017. Peculiarities and stages of the transition period in the reform of the SCP system, which is to be replaced in several stages with construction project funding based on escrow, are looked into. It is inferred that the issue has been given sufficient light in scientific publications due to its social and economic relevance, however the issue of detecting and preventing risks during the transition period has not been cleared out enough. The current condition of the Russian construction industry is investigated by means of analysis of statistics data. Major groups of factors, defining current state of the industry, are outlined, as well as analyzed in different aspects (legal, economic, infrastructure). Critical analysis of negative factors of development of construction industry is made; and it confirms possibility of a significant increase in the number of ‘defrauded co-investors’ which contradicts the reform in question.The authors justify the need to identify and delineate risks, develop appropriate measures to reduce them at all stages of the reform in the field of shared construction. Risks and measures to eliminate or minimize risks are identified in accordance with the reform stages. The consequences of realization of risks, which mostly lead to emergence of problem real estate objects and to an increase in the number of “defrauded co-investors”, are identified. Most important measures are outlined, most significant of them being related to increasing transparency and disclosure of the information base associated with the registry of defrauded co-investors. The conclusion is made about necessity to coordinate risk management measures and requirement to create an information base in form of a distributed registry, which will ensure disclosure and transparency, as well as increase confidence of all the interested parties in the ongoing reform.

Transition Period of Reforming Shared Construction Participation System in Housing Construction of the Russian Federation: Factors and Risks