Station-area Land Development around High-speed Rail: A Study of Shenzhen and Hong Kong

Land development has become a critical consideration for establishing a cost-recovery mechanism of multi-level governmental funded HSR projects. However, few empirical works attempt to uncover the nature of HSR-property price association, and how this association contributes to sustainable railway planning and financing. This research aims at investigating reciprocal relationship between high-speed rail (HSR) and real estate market- how HSR contributes to real estate price appreciation and how this effect in return shapes the manifestation of transport-real estate projects. This study makes use of both statistical models and qualitative methods, such as economic appraisal methods, intervention analysis, generalised travel cost, and comparative analysis. The findings are contributive to sustainable railway funding arrangement as well as economic evaluation for transport policy. Two questions are surveyed: (1) whether and how urban housing prices in HSR station vicinity are positively correlated with HSR introduction, if so, how to scientifically interpret this effects for yielding rail-induced benefits; (2) how planners and developers make use of land-sector benefits of HSR in the immediate station area planning for railway financing, and what are deciding factors for establishing various land value capture (LVC) mechanism across our comparative cases.The study examines the Guangzhou-Shenzhen-Hong Kong Express Rail Link (XRL), specifically focusing on two cities- Shenzhen and Hong Kong. By comparing disparate institutional, economic, and financial environments between two cross-border cities, i.e. spatial planning system, fiscal environment, key stakeholder features, the study attempts to uncover the distinct rationales of land development patterns in a capitalism market (Hong Kong) and a socialism market (Shenzhen) against the background of HSR construction. Two case studies are conducted. This first case study explores land capitalisation effects of HSR. By using a panel dataset comprising 14,682 residential dwelling units during the period of 2008-2018 in Shenzhen, China, this study examines the asset price impact of an urban-located HSR station using a hierarchical difference-in-differences approach to capture the ex-ante and ex-post capitalisation effects of the HSR station. The following conclusions are reached: First, both regional accessibility and rail nuisances are significant factors to determine the value-added effects of HSR; they should be seriously considered at an early stage of HSR station area planning; second, during the inauguration period, both appreciation effect and dis-amenity effect of HSR are amplified; third, generalised travel cost method fits our valuation of economic impact on transport accessibility.The second case study emphasizes the behavioral rationale of developers and planners instead of focusing on revealed preferences from consumers' perspective. This study discusses the differences in land value creation and land value capture tools adopted between Shenzhen and Hong Kong, with an academic focus on whether rail plus property model has been adopted. This study analyzes the influences of a wide range of institutional and financial factors on land development models and characteristics. Two rarely-focused factors are highlighted: transit company characteristics and railway station location. Eventually, several policy implications on carrying out profitable, sustainable and flexible station area regeneration projects are proposed.對由多級政府共同出資的高鐵項目，土地開發已成為建立合理成本回收機制的關鍵。然而，很少有實證研究試圖揭示高鐵與不動產價格基本關係，以及該關係如何影響可持續交通運輸計劃和融資。這項研究旨在調查高鐵與房地產之間的互惠關係：高鐵如何導致房價升值，此效果反過來如何影響交通-房地產項目形態。此研究運用了統計模型和定性方法，如經濟評估法，干預分析，廣義旅行成本法和比較分析法。研究結果有助於可持續鐵路融資安排和交通政策的經濟評估，以形成交通導向的城市環境。主要研究兩個問題：（1）高鐵車站附近的房價是否與高鐵接入呈正相關，如是，存在何種關聯。如何科學解析此種影響以確保鐵路產生正效益；（2）規劃者和開發商如何在車站區域規劃中獲取並處理高鐵的土地部門收益用以鐵路項目資金，以及哪些因素導致了不同案例中所採取不同的土地價值獲取（LVC）機制。本研究考察了中國首條跨境高鐵線路-廣深港高速鐵路（XRL），著重關注兩個城市--深圳和香港。通過比較兩個跨邊境城市的機構，經濟，和財政環境因素，如空間規劃，財政環境，主要持份者特徵，試圖揭示同一高鐵建設背景下資本主義市場（香港）和社會主義市場（深圳）下的不同土地開發機制。開展了兩個實證分析。第一個案例探索了高鐵的土地資本化效應。透過使用包含2008年至2018年期間中國深圳的14682套住宅單元的面板數據集，本研究使用雙重差異法來研究以位於市區內的高鐵車站的房屋價格影響。高鐵車站的開通前後資本化效果。得出以下結論：首先，區域層面可達性和鐵路負面干擾是決定高鐵增值效果的重要因素，應在高鐵站規劃的早期階段予以考慮；第二，鐵路開通以後，高鐵的升值效應和負面效應都得以放大。第三，廣義旅行成本法符合我們對交通可達性的經濟影響評估。在第二個案例中，視角從消費者的投資偏好角度轉為側重分析決策者的行為。該研究討論了深圳和香港在土地價值創造和土地價值獲取上的差異，著重關注了兩地的鐵路地產模型是否被運用。它分析了眾多制度和財政因素對於土地開發模式和特徵上的影響。着重分析了兩個較少受到關注的因素：鐵路項目公司特徵，以及鐵路站點選址。最終，本文提出了對未來打造價值衍生的，可持續的和靈活的車站區域再生項目的若干政策建議。GONG, Weihang.M.Phil. Chinese University of Hong Kong 2021.Includes bibliographical references (leaves )Abstracts in English and Chinese.Title from PDF title page (viewed on ...