Rail and Property Development in Hong Kong: Experiences and Extensions

Robert Cervero and Jin Murakami
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Robert Cervero: Department of City and Regional Planning, 228 Wurster Hall, University of California at Berkeley, Berkeley, CA, 94720-1850, USA, robertc@berkeley.edu
Jin Murakami: Department of City and Regional Planning, 228 Wurster Hall, University of California at Berkeley, Berkeley, CA, 94720-1850, USA

Urban Studies, 2009, vol. 46, issue 10, 2019-2043

Abstract: Hong Kong has aggressively pursued transit value capture to finance railway infrastructure through its ‘Rail + Property’ development programme, or R+P. More than half of all income to the railway operators comes from property development. Most R+P projects focus on housing although all have some commercial development. Recent generation R+P projects have stressed pedestrian quality. This research shows this has in turn increased ridership and housing prices. An R+P station with a transit-oriented design averages 35 000 additional weekday passengers. Housing price premiums in the range of 5—30 per cent were found. Hong Kong’s R+P model, it is suggested, is well suited for financing rail infrastructure and advancing transit-oriented designs in the rapidly growing cities of mainland China.

Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:sae:urbstu:v:46:y:2009:i:10:p:2019-2043

DOI: 10.1177/0042098009339431

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