Study On The Influence Of Rail Transit On The Value Of Real Estate Along The Line And The Joint Development Model

As urban rail transit has the advantages of large traffic volume,fast speed,resource saving and low pollution,more and more cities in China have begun to promote the development of rail transit.However,although rail transit has many obvious advantages,the development of rail transit in China is still plagued by problems such as huge construction investment and high operating costs.At present,rail transit operations in most cities are still at a loss.At the same time,the development of rail transit can promote the value of real estate along the site,resulting in huge external benefits.However,this part of the effect can not be used to support the huge cost of rail transit construction and operation.Therefore,it is very important to explore the specific impact of rail transit on real estate value and propose a joint development mechanism for rail transit.Firstly,from the perspective of qualitative,based on the location theory and the theory of land rent,this paper analyzes the reasons for the impact of rail transit on real estate value and summarizes the specific impact mechanism of rail transit on real estate value.Then this paper takes Chengdu Metro Line 7 as the research object,and through the Hedonic Price Model,quantitatively studies the specific impact of rail transit on real estate value along the line,and tests the model.Studies have shown that the age of the house,the type of developer in the house,the parking space ratio of the building,the distance to the city center,the traffic near the home,the school,the shopping mall,and park all have a impact on the value of the property.There is a negative correlation between the age of the house and the value of the real estate,while the other factors and the value of the real estate are positively correlated.In addition to these factors,the impact of rail transit on the value of real estate along the line is also significant,and within a radius of 1.5km from the subway station along the line,the impact gradually decreases with the increase of distance.For every 100 meters reduction,the residential price increased by 0.84%;for every 500 meters,the residential price increased by 4.11%;for every 1000 meters,the residential price increased by 8.05%.It can be concluded that when the distance from the site to the site is 100 m,500m,and 1000 m,respectively,the value-added strength per square meter of real estate is 163.7 yuan,801.3 yuan,and 1569.4 yuan,respectively.Finally,based on the above data,it is estimated that the real estate value-added effect of all areas near the 500 meters along the subway line 7 has reached an astonishing 63 billion,which shows that rail transit has a great impact on the real estate value along the line.However,the data shows that Chengdu Metro has been losing money since 2010,and by 2020,the total investment amount of the Chengdu Metro project will reach 103.8 billion yuan.Due to the huge investment in rail transit and the high operating cost in the later period,this paper tries to realize the internalization of the external benefits of rail transit and proposes a new model of joint development of rail transit and real estate along the line.In the end,this paper analyzes the development model of rail transit in Hong Kong and Tokyo,analyzes the reasons why the two cities can achieve profitability in rail transit operations,and finally puts forward the construction of rail transit in Chengdu in combination with the actual situation.Adopting a joint development model similar to Hong Kong's “Metro + Property”,through joint development,the Chengdu government,real estate developers and rail transit companies form a community of interest,thus achieving “risk sharing,benefit sharing” among the partners and sustainable development of rail transit construction.