Synopsis

中国’s cities face significant challenges in financing the growth of urban transit infrastructure. The current practice of financing urban metro or subway projects through municipal fiscal revenues (partly from land concession fees) and government-backed bank loans is not only inadequate to meet the demand, but also exacerbates deep-seated problems. In a variety of approaches that aim to alleviate the financing problems of local governments, Rail plus Property (R+P) development offers a promising solution. R+P development leverages the partnership between the public sector, transit companies, and developers to coordinate planning and financing of transit systems and adjacent real-estate developments. By capturing the land value appreciation that follows transit projects, R+P can partly or completely fill the funding gaps in constructing costly metro projects. Despite these opportunities, the broad adoption of R+P development in Chinese cities is still hindered by widespread conceptual misunderstandings, lack of political will, and multiple legal, regulatory, and institutional limitations. This paper analyzes the experience of the coastal city of Shenzhen as a successful example of R+P experimentation in China.

Key Findings

该研究揭开了深圳采用的综合方法，该方法促进了其成功的铁路和财产开发。该市的综合方法包括创新的财务安排，综合城市和过境规划，土地政策改革，在公司一级以需求驱动的业务运营以及促进多利益相关者对话的机构机制。此外，我们的研究表明，R+P的成功实施还取决于强大的政治意愿，蓬勃发展的房地产市场，成熟的资本市场以及有能力且愿意的私营部门。

该研究还强调了国家和市政一级的法律，监管和机构改革的必要性，以实施R+p。

At the national level:

  • Reform the current land legislation to permit leasing out land-use rights around transit stations at different prices and in installments based on metro projects’ funding gaps and metro companies’ cash flows.
  • Amend the land legislation to allow for-profit developments above and around transit stations.
  • 通过相关规划立法和指南来改革政府领导的城市规划过程，以促进综合土地使用和交通计划以及面向运输的发展。

在地方一级：

  • Promote cross-departmental coordination and dialogues among different departments and developers to match projects to market demand.
  • Improve local urban planning and transit planning systems, and establish local, market-responsive planning regulations to allow for pro-transit-oriented development zoning codes and private-sector engagement.
  • Create multiple layers of land development rights for a single piece of land, and link different land development rights to mixed land uses to facilitate transfer of the rights.
  • Issue consistent legal documents at the local level that loosen restrictions and provide a legal foundation for R+P development.
  • 通过外部咨询服务，专门的机构和研究资助来源来增强当地能力来管理复杂的项目。

要实施R+P，以下领域需要特别注意：

首先，R+P是一项冒险的事业。从一开始就对潜在的宏观经济，房地产市场以及机构风险进行风险意识和保护，对于项目的成功至关重要。

其次，政府与地铁公司之间合理的风险共享是激励公司的关键，同时确保公共利益。在中国，这意味着R+P方案并不是万能的。它们应该是创新的。

Third, R+P is a long-term undertaking, and does not offer quick wins. It requires persistent top leadership, constant evolutions of funding arrangements, and continued optimization of development proposals. It is also necessary to match developments with market demand, improve institutional safeguards (and coordination mechanisms), and strengthen government oversight and enforcement.

Executive Summary

中国快速城市化促成的越来越多的住房和旅行需求造成了巨大的过境基础设施差距。但是，作为过境资金的主要来源，笨拙的土地租赁付款和政府借贷不仅加剧了市政金融责任，而且导致了寄宿生的不利影响，例如城市蔓延和农田枯竭。

另一方面，有足够的机会捕获过境站周围的土地价值增长，作为财务运输系统的新替代品。在中国，尽管通过改善过境服务的可访问性收取的土地保费比比皆是，但它们主要被房地产开发商捕获。

To finance transit infrastructure through land value capture, Hong Kong’s Rail plus Property Development—a mechanism that leverage public-private-partnerships to create and capture land premiums—provides more relevant and plausible solution. Although in China, a growing number of cities, such as Shenzhen and Hangzhou, have spearheaded Rail plus Property Development, the widespread adoption of this model is still hampered by conceptual misunderstandings, institutional and regulatory barriers, lack of financial incentives, and capacity constraints.

本文分析了沿海城市深圳的经验，这是中国R+P实验的成功例子。通过半结构化的访谈，实地访问和文献综述，该研究揭开了深圳采用的综合方法，从而为其成功做出了贡献。该市的综合方法包括创新的财务安排，综合城市和过境规划，土地政策改革，在公司一级以需求驱动的业务运营以及促进多利益相关者对话的机构机制。此外，我们的研究表明，R+P的成功实施还取决于强大的政治意愿，蓬勃发展的房地产市场，成熟的资本市场以及有能力且愿意的私营部门。