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作者

来源

JOURNAL OF URBAN PLANNING AND DEVELOPMENT,Vol.143,Issue040170063

语言

英文

关键字

Transit value capture; Residential property; Commercial property; Office property; Wuhan China; PROPERTY-VALUES; LAND; IMPACT; METAANALYSIS; POLICY; LIGHT

作者单位

[Zhang, Ming; Xu, Tao] Wuhan Univ, 8 Donghu Rd South, Wuhan 430072, Hubei, Peoples R China. [Zhang, Ming] Univ Texas Austin, 310 Inner Campus Dr,B7500, Austin, TX 78712 USA. Zhang, M (reprint author), Wuhan Univ, 8 Donghu Rd South, Wuhan 430072, Hubei, Peoples R China.; Zhang, M (reprint author), Univ Texas Austin, 310 Inner Campus Dr,B7500, Austin, TX 78712 USA. E-Mail: zhangming@whu.edu.cn; xutaowhu@126.com

摘要

Value capture offers a great potential to address the financial challenge threatening transit's role in achieving transportation sustainability. Understanding property market responses to transit services is critical to applying any value capture techniques. This paper presents a case study of Wuhan, China. The study estimated transit access premiums by modeling hedonic price or rent of residential, commercial, and office properties. The results show that transit access effects concentrate in the spatial range of 300 m from the station for commercial properties, but extend to 600 m for offices and 1,000 m for residential properties. Commercial properties enjoy the highest access premiums, followed by office and residential uses. A 0.5% value capture rate would generate 108 million yuan from properties along metro rail Line 2. The study reveals the maturing behavior of property markets in Wuhan and demonstrates great opportunities for transit value capture that can relieve transit operational deficits. Lessons learned from Wuhan are transferable to other cities in China and informative to planning practice and policymaking for transit-oriented development (TOD) in the international setting. (C) 2017 American Society of Civil Engineers.