Deciphering Property Development around High-Speed Railway Stations through Land Value Capture: Case Studies in Shenzhen and Hong Kong

Property development around transit stations has been viewed by many governments as a considerable way of financing public transportation. However, despite mounting evidence of the positive relationship between transport investment and proximate land value, the stakeholder relationship in enabling c...

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Autores principales:	Weihang Gong, Jing (Victor) Li, Mee Kam Ng
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	land value capture high-speed rail (HSR) transport railway financing rail plus property (R + P) model Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
Acceso en línea:	https://doaj.org/article/c1853d71a6744b54bc98de1ef7536738
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spelling	oai:doaj.org-article:c1853d71a6744b54bc98de1ef75367382021-11-25T19:02:26ZDeciphering Property Development around High-Speed Railway Stations through Land Value Capture: Case Studies in Shenzhen and Hong Kong10.3390/su1322126052071-1050https://doaj.org/article/c1853d71a6744b54bc98de1ef75367382021-11-01T00:00:00Zhttps://www.mdpi.com/2071-1050/13/22/12605https://doaj.org/toc/2071-1050Property development around transit stations has been viewed by many governments as a considerable way of financing public transportation. However, despite mounting evidence of the positive relationship between transport investment and proximate land value, the stakeholder relationship in enabling complex property–transit development has received relatively scarce attention. In this study, we analyze the railway financing strategies in two cities (Shenzhen and Hong Kong) connected by the first cross-border high-speed rail (HSR) network in China. Using a holistic power approach, this study presents power direction, power strength, and power mechanism as the critical factors for each case. The results reveal that different stakeholder relations arising from different social and institutional contexts have led to varying land value capture practices. The findings of this study contribute to sustainable railway financing in three phases: First, it unravels the relationship between railway financing and property development under the context of an intercity railway program, with the intervention of state power. Second, it sorts out critical elements in the implementation of the land value capture mechanism, especially institutional factors such as the role of the transit agency. Third, it directs a flexible development of the land value capture theory to cope with foreseeable problems such as land resource scarcity, institutional complexity, and interest divergence.Weihang GongJing (Victor) LiMee Kam NgMDPI AGarticleland value capturehigh-speed rail (HSR)transportrailway financingrail plus property (R + P) modelEnvironmental effects of industries and plantsTD194-195Renewable energy sourcesTJ807-830Environmental sciencesGE1-350ENSustainability, Vol 13, Iss 12605, p 12605 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	land value capture high-speed rail (HSR) transport railway financing rail plus property (R + P) model Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
spellingShingle	land value capture high-speed rail (HSR) transport railway financing rail plus property (R + P) model Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350 Weihang Gong Jing (Victor) Li Mee Kam Ng Deciphering Property Development around High-Speed Railway Stations through Land Value Capture: Case Studies in Shenzhen and Hong Kong
description	Property development around transit stations has been viewed by many governments as a considerable way of financing public transportation. However, despite mounting evidence of the positive relationship between transport investment and proximate land value, the stakeholder relationship in enabling complex property–transit development has received relatively scarce attention. In this study, we analyze the railway financing strategies in two cities (Shenzhen and Hong Kong) connected by the first cross-border high-speed rail (HSR) network in China. Using a holistic power approach, this study presents power direction, power strength, and power mechanism as the critical factors for each case. The results reveal that different stakeholder relations arising from different social and institutional contexts have led to varying land value capture practices. The findings of this study contribute to sustainable railway financing in three phases: First, it unravels the relationship between railway financing and property development under the context of an intercity railway program, with the intervention of state power. Second, it sorts out critical elements in the implementation of the land value capture mechanism, especially institutional factors such as the role of the transit agency. Third, it directs a flexible development of the land value capture theory to cope with foreseeable problems such as land resource scarcity, institutional complexity, and interest divergence.
format	article
author	Weihang Gong Jing (Victor) Li Mee Kam Ng
author_facet	Weihang Gong Jing (Victor) Li Mee Kam Ng
author_sort	Weihang Gong
title	Deciphering Property Development around High-Speed Railway Stations through Land Value Capture: Case Studies in Shenzhen and Hong Kong
title_short	Deciphering Property Development around High-Speed Railway Stations through Land Value Capture: Case Studies in Shenzhen and Hong Kong
title_full	Deciphering Property Development around High-Speed Railway Stations through Land Value Capture: Case Studies in Shenzhen and Hong Kong
title_fullStr	Deciphering Property Development around High-Speed Railway Stations through Land Value Capture: Case Studies in Shenzhen and Hong Kong
title_full_unstemmed	Deciphering Property Development around High-Speed Railway Stations through Land Value Capture: Case Studies in Shenzhen and Hong Kong
title_sort	deciphering property development around high-speed railway stations through land value capture: case studies in shenzhen and hong kong
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/c1853d71a6744b54bc98de1ef7536738
work_keys_str_mv	AT weihanggong decipheringpropertydevelopmentaroundhighspeedrailwaystationsthroughlandvaluecapturecasestudiesinshenzhenandhongkong AT jingvictorli decipheringpropertydevelopmentaroundhighspeedrailwaystationsthroughlandvaluecapturecasestudiesinshenzhenandhongkong AT meekamng decipheringpropertydevelopmentaroundhighspeedrailwaystationsthroughlandvaluecapturecasestudiesinshenzhenandhongkong
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Deciphering Property Development around High-Speed Railway Stations through Land Value Capture: Case Studies in Shenzhen and Hong Kong

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