Rail and property development in Hong Kong : Experiences and extensions

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)21_Publication in refereed journalpeer-review

160 Scopus Citations
View graph of relations

Author(s)

Detail(s)

Original languageEnglish
Pages (from-to)2019-2043
Journal / PublicationUrban Studies
Volume46
Issue number10
Publication statusPublished - Sep 2009
Externally publishedYes

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. © 2009 Urban Studies Journal Limited.