The political economy of transit value capture: The changing business model of the MTRC in Hong Kong

L'économie politique de la captation de valeur foncière (Land value capture): le nouveau modèle d'affaires de la MTRC à Hong Kong

Natacha Aveline-Dubach () and Guillaume Blandeau
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Natacha Aveline-Dubach: GC (UMR_8504) - Géographie-cités - UP1 - Université Paris 1 Panthéon-Sorbonne - UPD7 - Université Paris Diderot - Paris 7 - CNRS - Centre National de la Recherche Scientifique
Guillaume Blandeau: GC (UMR_8504) - Géographie-cités - UP1 - Université Paris 1 Panthéon-Sorbonne - EHESS - École des hautes études en sciences sociales - UPD7 - Université Paris Diderot - Paris 7 - CNRS - Centre National de la Recherche Scientifique

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Abstract: The mechanism of land value capture (LVC) for financing urban transport, which supports the cost of transit infrastructure through the revenues of land and property, has generated a substantial body of research. However, the literature on transit-related LVC has paid little attention to the politics and strategies of value capture. This article intends to shift the focus towards the governance of LVC, based on the case study of the Mass Transit Railway Corporation (MTRC) in Hong Kong. It argues that the evolving balance of power within Hong Kong's growth coalition has entailed a transformation of the MTRC's business model, prompting the transit agency to shift from the development of new real estate projects to the management of existing property assets. This work provides empirical evidence of an emerging 'management-based' value capture strategy, which is adapted to steady or slow growing urban contexts.

Keywords: Hong Kong China; Urban gouvernance; Urban transport authority; Urban transport investments; Land development; land value capture; Urban And Regional Planning; real estate; TOD; Transit-oriented development; Rail+property; R+P; ACL; CRIA (search for similar items in EconPapers)
Date: 2019
New Economics Papers: this item is included in nep-ppm, nep-tre and nep-ure
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-02100616v1
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Citations: View citations in EconPapers (10)

Published in Urban Studies, 2019, 56 (16), pp.3415-3431. ⟨10.1177/0042098018821519⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-02100616

DOI: 10.1177/0042098018821519

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