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Nowadays, more and more bonds for city investment are issued, and more and more attentions are paid to the risks of such bonds. In some districts, city investment and development companies hypothecate land use rights to guarantee bonds for city investment they issue on one hand, and pledge incomes of granting land use rights to obtain loans from banks on the other hand. 21^st Century Business Herald interviewed Mr. Chambers Yang for his ideas on the potential conflict of interests in the foresaid practice of city investment companies. Mr. Yang made an analysis on the possibility of the conflict between the hypothecation and the pledge of account receivable, and introduced legal properties of such two kinds of security and the clearing sequence of the hypothecation and the pledge in realizing creditors?? rights. Besides, Mr. Yang analyzed the feasibility of registration of hypothecated objects under unspecified subjects?? names and possible legal issues.