scholarly journals International Real Estate Review

2020 ◽  
Vol 23 (3) ◽  
pp. 367-395
Author(s):  
Helen X. H. Bao ◽  
◽  
Doris Ka Chuen Mok ◽  
Keyword(s):  
Hong Kong ◽  
High Speed ◽  
Hedonic Pricing ◽  
Policy Implications ◽  
Repeat Sales ◽  
Hedonic Price ◽  
High Speed Rail ◽  
Value Capture ◽  
Property Prices ◽  
East West

This study examines the impacts of the Guangzhou-Shenzhen-Hong Kong Express Rail Link on the residential property prices in West Kowloon, in which the terminus and only station of the Hong Kong section of the high-speed rail link is located. The express rail is characterised as being a link between Hong Kong and her motherland, China, which is a major source of buyers of property in Hong Kong. We investigate if there is an east-west connection premium introduced by the project by examining the spatial and temporal changes of property prices in the affected areas. Based on a sample of 282,131 transactions, this study uses the hedonic pricing and repeat sales models to examine whether property prices in West Kowloon have increased because of the development of the high-speed rail which signifies a link between Hong Kong and China and whether they have dropped because of the 2019 political movements which emphasize a decoupling. We find significant and consistent evidence to support these hypotheses from both the hedonic price and repeat sales models. The accessibility premium has been capitalised into property prices since the announcement of the project, and the size of the premium is the largest during the announcement period. However, the east-west connection premium is significantly offset by the recent events of political unrest, with properties that are located nearest the West Kowloon Station being the most affected. We derive policy implications regarding practical implications for the design and implementation of land value capture schemes and urban planning.

scholarly journals Deciphering Property Development around High-Speed Railway Stations through Land Value Capture: Case Studies in Shenzhen and Hong Kong

2021 ◽  
Vol 13 (22) ◽  
pp. 12605
Author(s):  
Weihang Gong ◽  
Jing (Victor) Li ◽  
Mee Kam Ng
Keyword(s):  
Hong Kong ◽  
Public Transportation ◽  
High Speed ◽  
Resource Scarcity ◽  
Land Resource ◽  
Land Value ◽  
Property Development ◽  
High Speed Rail ◽  
Value Capture ◽  
Power Direction

Property development around transit stations has been viewed by many governments as a considerable way of financing public transportation. However, despite mounting evidence of the positive relationship between transport investment and proximate land value, the stakeholder relationship in enabling complex property–transit development has received relatively scarce attention. In this study, we analyze the railway financing strategies in two cities (Shenzhen and Hong Kong) connected by the first cross-border high-speed rail (HSR) network in China. Using a holistic power approach, this study presents power direction, power strength, and power mechanism as the critical factors for each case. The results reveal that different stakeholder relations arising from different social and institutional contexts have led to varying land value capture practices. The findings of this study contribute to sustainable railway financing in three phases: First, it unravels the relationship between railway financing and property development under the context of an intercity railway program, with the intervention of state power. Second, it sorts out critical elements in the implementation of the land value capture mechanism, especially institutional factors such as the role of the transit agency. Third, it directs a flexible development of the land value capture theory to cope with foreseeable problems such as land resource scarcity, institutional complexity, and interest divergence.

scholarly journals The country of origin effect: a hedonic price analysis of the Chinese wine market

2018 ◽  
Vol 120 (6) ◽  
pp. 1264-1279 ◽  
Author(s):  
Lala Hu ◽  
Andrea Baldin
Keyword(s):  
Country Of Origin ◽  
Hedonic Pricing ◽  
Policy Implications ◽  
Reduced Form ◽  
Future Research ◽  
Primary Role ◽  
Hedonic Price ◽  
Content Type ◽  
Hedonic Price Analysis ◽  
Price Analysis

PurposeThe purpose of this paper is to analyse the country of origin (COO) effect on wine purchase in China by considering a sample from an e-commerce website. The paper contribute to the literature on hedonic pricing by applying this model to the Chinese market and including COO as product attribute.Design/methodology/approachA hedonic price model is adopted to measure the effect of search attributes on wine sales in China. A reduced form of the classical hedonic analysis is used as in Nerlove (1995), given the assumption that prices and attributes are taken as exogenous to consumers.FindingsResults show that the COO represents the attribute that most influences wine sales in China. Protected indicators of origin, which denote wine with recognised certificates, are also significant, reinforcing the importance of the production area. Vintage attribute does not impact sales, suggesting a low level of consumer experience with wine.Research limitations/implicationsThe study suffers from the limitations of results’ generalisability, given the size and characteristics of the sample. In the future research, the model should be tested on a larger sample. Moreover, it can be applied on other products, in which COO represents an information and quality cue.Practical implicationsFirms operating in sectors where COO implies specific characteristics of quality should enhance this attribute in their marketing strategies to increase their competitive advantage. Also policy implications with respect to the governmental actions to support wine producers are discussed.Originality/valueHedonic price analysis represents a well-established model; however, to the best of the authors’ knowledge it has never been used in China before. This study also highlights the primary role of COO as search attribute in wine purchase.

Transportation in the City

Global Cities ◽  
2017 ◽  
Author(s):  
Robert Gottlieb ◽  
Simon Ng
Keyword(s):  
Land Use ◽  
Hong Kong ◽  
Los Angeles ◽  
High Speed ◽  
Transportation Systems ◽  
Real Estate Development ◽  
High Speed Rail ◽  
Car Use ◽  
The City ◽  
China’S Cities

This chapter describes and analyzes how Los Angeles became an auto-dominant region, how Hong Kong built a much admired rail passenger system, and how China, in rapid fire succession, witnessed a massive increase in car use and metro development. It identifies the air quality, land use, and mobility shifts associated with these changing transportation systems. It describes how Los Angeles seeks to lessen its car dependence with its new push for rail and increased bike use and walkability strategies; how Hong Kong struggles with congestion due to increased car ownership and car use while still relying on the link between its metro and rail system and concentrated real estate development near metro stops; and how China’s cities, such as Shenzhen, race ahead with new metro and high speed rail development while confronting the environmental problems and challenges related to its enormous growth in car use and the erosion of its Bicycle Kingdom reputation.

scholarly journals A Study of the Anatomy of Decision Making in the Planning and Appraisal of Hong Kong Section of Guangzhou-Shenzhen-Hong Kong High Speed Rail

2021 ◽  
Vol 5 (3) ◽  
Author(s):  
Junyou Liu
Keyword(s):  
Decision Making ◽  
Hong Kong ◽  
Context Awareness ◽  
Stakeholder Engagement ◽  
High Speed ◽  
High Speed Rail ◽  
Iron Triangle ◽  
Resonance Test ◽  
Infrastructure Project ◽  
Agent Of Change

This paper will study the anatomy of the decision making of Hong Kong Section of Guangzhou-Shenzhen-Hong Kong High Speed Rail (XRL). The paper will focus on five aspects. They are drivers of megaprojects, mega infrastructure project as an agent of change, early and effective stakeholder engagement, Iron Triangle and context awareness. XRL will be regarded as a resonance test of the international literature findings.

scholarly journals Socioeconomic and Spatial Impacts of High-Speed Rail on Enterprises: An Ex-Ante Case Study of Ahmedabad Station Area, India

2021 ◽  
Author(s):  
Falendra Kumar Sudan
Keyword(s):  
High Speed ◽  
Local Economy ◽  
Urban Transport ◽  
Human Interaction ◽  
Policy Implications ◽  
Easy Access ◽  
High Speed Rail ◽  
Ex Ante ◽  
Spatial Impacts

Growth benefits of high speed rail (HSR) for enterprises are not automatic, but require a buoyant local economy and a robust strategy. Against above background, main objectives of ex-ante case study have been to investigate local socio-economic and spatial impacts of proposed HSR project around Ahmedabad station area on Mumbai-Ahmedabad HSR corridor, analyze the opportunities and challenges of HSR development and draw policy implications. Qualitative research methodology has been used to elicit the perceptions and perspectives of randomly selected 43 small, medium and large enterprises. Data has been analyzed using descriptive statistics. The study reveals that HSR induced greater human interaction will activate local economy, improve business efficiency and generate employment. Frequent travels on business trips can influence enterprises decision to settle near HSR station for easy access and likely to promote realty development. The proposed HSR project should be developed in synergy with urban dynamics of cities in transition and metropolitan service cities. Poor public transport connectivity is likely to be a major challenge in improving HSR accessibility and enhancing overall impacts of HSR, which can be improved by developing an integrated urban transport system, for which cooperation of all stakeholders and coherence with firms’ strategies is essential.

Can Long-Distance Rail Accessibility Affect the Real Estate Market?

2013 ◽  
pp. 201-212
Author(s):  
Francesca Pagliara ◽  
John Preston
Keyword(s):  
Real Estate ◽  
High Speed ◽  
Empirical Studies ◽  
Land Values ◽  
Residential Property ◽  
Hedonic Price ◽  
Long Distance ◽  
The Real Estate ◽  
Property Prices ◽  
Real Estate Prices

Most studies present in the literature have analyzed local transit networks and their impacts on land values. Empirical studies of the effects of long-distance rail accessibility on real estate prices are relatively rare. The Channel Tunnel Rail Link in England is presented as an example of such impacts. Hedonic price theory is used to estimate the implicit price of each dependent attribute. Ad hoc catchment and control areas have been defined around the St Pancras High Speed station. The main outcome of this analysis is that access to High Speed Rail has an impact on residential property prices, while, with increasing distance from the station, other attributes affect residential property prices.

High Speed Rail in Northern England Tactics and Policies for Implementing Mega Plans by Modular Incrementalism

2020 ◽  
Vol 46 (3) ◽  
pp. 466-484
Author(s):  
Ian Wray ◽  
David Thrower ◽  
Jim Steer
Keyword(s):  
High Speed ◽  
Investment Strategy ◽  
High Speed Rail ◽  
Late Professor ◽  
Urban Dynamics ◽  
Decision Making Processes ◽  
Critical Problems ◽  
1960S And 1970S ◽  
The 1960S ◽  
East West

Britain lags behind many other countries in its provision of high-speed rail. This paper looks in depth at the challenges of providing high-speed rail links, east–west, across Northern England, identi fied as a key issue by former Chancellor of the Exchequer George Osborne in his Northern Powerhouse speech in 2014. We ask what can be learned from the politics of Britain's successful motorway programme in the 1960s and 1970s, and from the plan advanced for High Speed North by the late Professor Sir Peter Hall and colleagues, published some weeks before Osborne's speech. Introducing the concept of centripetal urban dynamics, we doubt whether the suppression of public transport demand by the Covid 19 virus will be long lasting. Thus the Hall Plan still has remarkable relevance, especially in its tactics for sequencing investment, which we term modular incrementalism. Some updating is needed, so that the investment strategy focuses on super critical problems for rail investment. We conclude with recommendations for the High Speed North project itself and re flect on wider implications for decision-making processes.

The post-urban gaze and Hong Kong independent cinema: An ecofeminist perspective

Asian Cinema ◽  
2019 ◽  
Vol 30 (2) ◽  
pp. 219-234 ◽  
Author(s):  
Winnie L. M. Yee
Keyword(s):  
Hong Kong ◽  
High Speed ◽  
High Speed Rail ◽  
Independent Cinema ◽  
Fishing Villages ◽  
Urban City ◽  
Cultural Imaginary ◽  
The Social ◽  
Hong Kong Cinema ◽  
The Village

The city has always been a prominent subject in Hong Kong cinema. Land has been seen only as a profitable commodity, controlled by property developers and the wealthy. Instead of exploring the countryside and the traditional farming and fishing villages, people shifted their focus to Hong Kong: its skyline became the only valid point of perception. This marginalization of nature, however, was challenged in 2008 during the dispute between the villagers of Choi Yuen village and the Hong Kong government regarding the construction of Guangzhou‐Hong Kong High-Speed Rail Link, which would demolish the village of 500 people that lay along its path. This article looks at Jessey Tsang’s documentary Flowing Stories (2014) and adopts an ecofeminist perspective on the ways in which Hong Kong’s cultural imaginary has been reinvented in films. The role of documentaries in the independent film scene will be reviewed, especially the social-issue documentaries that have become popular since 2008. An ecofeminist approach to our understanding of Hong Kong could shift the paradigm of our stagnant cultural imaginary ‐ the urban city ‐ and resituate Hong Kong in a closer connection with its surroundings and the world.

Does high-speed rail accessibility influence residential property prices? Hedonic estimates from southern Taiwan

2010 ◽  
Vol 18 (1) ◽  
pp. 166-174 ◽  
Author(s):  
David Emanuel Andersson ◽  
Oliver F. Shyr ◽  
Johnson Fu
Keyword(s):  
High Speed ◽  
Residential Property ◽  
High Speed Rail ◽  
Property Prices ◽  
Southern Taiwan

scholarly journals The Dynamic Influence of High-Speed Rail on the Spatial Structure of Economic Networks and the Underlying Mechanisms in Northeastern China

2021 ◽  
Vol 10 (11) ◽  
pp. 776
Author(s):  
Sanwei He ◽  
Lei Mei ◽  
Lei Wang
Keyword(s):  
Spatial Structure ◽  
High Speed ◽  
Northeastern China ◽  
Policy Implications ◽  
Degree Centrality ◽  
Economic Networks ◽  
High Speed Rail ◽  
Spatial Error ◽  
The Impact ◽  
Economic Linkages

Drawing on 185 cities in the northeastern region of China, this paper improves the radiation model by incorporating the accessibility index to characterize the asymmetric process of economic linkages before HSR in 2007 and after HSR in 2016. Then social network analysis is utilized to examine the impact of HSR on the spatial structure of economic networks, including nodal centrality and community structures. Finally, spatial econometric models are employed to explore the driving factors of nodal centrality in economic networks and some policy implications are proposed. The major findings of this paper are the following. First, HSR services can weaken the core-peripheral inequality of economic linkages and a corridor economy is evident in northeastern China. Second, HSR services have significantly improved the out-degree centrality of prefecture-level cities but have slightly decreased the in-degree centrality of Liaoning. Third, there was a slight decline of coherence in the economic network after the construction of HSR and the within-modular connections were strengthened by HSR. Four, the spatial error model (SEM) is more desirable for explaining the distribution of in-degree centrality. GDP, fixed asset investment, education, population, and fiscal expenditure are important contributors to the in-degree centrality in economic networks. These findings give significant insights into city system planning, integrated transport and land use development, formulating regional poles and the coordinated development across administrative boundaries in northeastern China.

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