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

Natacha Aveline-Dubach and Guillaume Blandeau
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Natacha Aveline-Dubach: Géographie-cités, The French National Centre for Scientific Research, University Paris 1—Panthéon Sorbonne, Paris
Guillaume Blandeau: French Institute of Urbanism, University Paris-Est Marne-la-Vallée, France

Urban Studies, 2019, vol. 56, issue 16, 3415-3431

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: built environment; governance; infrastructure; land use; land value capture; real estate; transport; 建筑环境; æ²»ç †; 基础设施; 土地使用; åœŸåœ°ä»·å€¼èŽ·å –; 房地产; 交通 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (12)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:urbstu:v:56:y:2019:i:16:p:3415-3431

DOI: 10.1177/0042098018821519

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