Developing metro-based accessibility: Three aspects of China’s Rail+Property practice
Developing metro-based accessibility: Three aspects of China’s Rail+Property practice
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发展地铁可达性：中国轨道产权实践的三个方面
DOI：
10.1016/j.trd.2020.102288
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发表时间：
2020-04
期刊：
影响因子：
--
通讯作者：
Hanxi Ma
中科院分区：
文献类型：
--
作者：
Jiawen Yang;Lili Zhu;Yang Duan;Jiangping Zhou;Hanxi Ma
人口稠密的中国城市在地铁系统上投入了大量资金，并积极规划以交通为导向的发展。在这些城市中，经常有报道称，铁路加房地产(R+P)计划，即地铁公司参与，甚至协调火车站地区或周围的房地产开发。然而，在现有的文献中，对这些项目的仔细评估仍然很少见。本文以深圳地铁公司和/或香港地铁公司牵头的多个R+P项目为基础，深入了解内地中国R+P项目的理论基础、海外私人投资者参与的障碍以及盈利与社会商品供给之间的平衡。研究发现，R+P项目是昂贵的地铁项目的替代资金来源。它减少了中央政府规定的市政府对这些项目的现金流贡献。此外，R+P项目的当地商业环境也不利于私营部门的参与，特别是来自海外的私人投资者。此外，对当地地铁公司的公共补贴可能会持续下去，因为R+P计划并不是为经济价值最大化而设计的；相反，它们之所以存在，是因为(1)它们减少了市政府的现金流负担；(2)市政府的任务是建造相当数量的负担得起的公共住房。
Populous Chinese cities have invested heavily in metro systems and planned proactively for transit-oriented development. Rail plus property (R+P) programs, where metro corporations engage in, and even orchestrate real estate development in or around rail station areas, have been recurrently reported among these cities. However, careful assessment of these programs is still rare in the existing literature. Built upon multiple R+P programs led by Shenzhen Metro Cooperation and/or Hong Kong Mass Transit Railway Cooperation, this article fathoms the rationale for R+P programs in Mainland China, the obstacles for oversea private investors’ participation and the balance between profit making and social goods supply. It finds that R+P programs serve as alternative funding sources for expensive metro projects. It decreases municipal governments’ cash flow contribution to those projects, which is mandated by the central government. In addition, local business environment for R+P projects has disadvantaged private sector participation, especially those private investors from overseas. Furthermore, public subsidy to local metro corporations is likely to persist as R+P programs have not been designed for economic value maximization; rather, they are in place because (1) they reduce the cash flow burden of the municipal government; (2) they are tasked by the municipal government to produce a considerable number of affordable public housing.
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