This research investigated the capitalization effects of proximity to rail transit and bus rapid transit (BRT) in fast-growing Beijing. Few related studies have been conducted for Chinese cities because the real estate market has only recently been established. Data were collected on apartment homes sold in the Beijing metropolitan area during 2011, and hedonic price modeling was employed to gauge the price premiums or discounts associated with proximity to transit stations. Overall, the authors identified an average price premium of around 5% for properties near rail transit stations, but no statistically significant effects were detected at BRT station areas. Moreover, the authors found that station proximity effects increased both in magnitude and spatial extent at stations located farther from the city center and those surrounded by low- and middle-income neighborhoods. For example, the price premium was as high as 10% in some suburban and low-income areas. The conclusion drawn was that rail transit investment was an effective strategy for Beijing to reshape its urban spatial structure, and local governments in China might consider a rail and property development model as a financing solution for rail transit investment. This study contributes to the evidence of capitalization effects of public transit from a booming and transitional economy.


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    Title :

    Capitalization Effects of Rail Transit and Bus Rapid Transit on Residential Property Values in a Booming Economy


    Subtitle :

    Evidence from Beijing


    Additional title:

    Transportation Research Record: Journal of the Transportation Research Board


    Contributors:
    Ma, Liang (author) / Ye, Runing (author) / Titheridge, Helena (author)


    Publication date :

    2014-01-01




    Type of media :

    Article (Journal)


    Type of material :

    Electronic Resource


    Language :

    English



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