| In recent years,many cities in China have made a great of efforts to develop urban rail transit to drive the value-added of surrounding land.However,the construction funds of rail transit rely heavily on government finance,which restricts the development of urban rail transit in these cities.There are many cases of internalization of external effects through the comprehensive development of land along the lines in the world.Based on this,this paper takes the premium effect of urban rail transit as the breakthrough point,and uses HPM model to study the premium law of rail transit.On this basis,the paper constructs the general framework of rail transit value capture oriented to TOD development concept,puts forward the core elements affecting land value-added and value recovery,and gives corresponding policy recommendations.First of all,this paper theoretically analyzes the mechanism of premium effect of rail transit,and concludes that accessibility and expected effect are the reasons that lead to the temporal and spatial effects of premium and show heterogeneity.Then the HPM model is used for empirical analysis.Based on samples of 2,114 land transfers data in Wuhan from 2005 to 2019,this paper establishes models to explore the impact scale and density of rail transit premium among overall-suburban-urban areas and different land types,Furthermore,it is estimated that the government can capture the largest premium when land is traded within the influencing area.The results show that:(1)Spatially,he impact of rail transit on suburban land values is greater than that of the urban area,moreover the increment of residential land value is more sensitive to the change of distances from rail transit than that of commercial land;(2)Temporally,the accessibility of urban rail transit will have the largest impact on land value 5-10 years after the opening of rail transit.The increase of residential land value is more smooth than that of commercial land in the process of capitalization;(3)The commercial land,residential land and mix land have positive spillover effects while industrial land has a negative impact on land value.So we suggest that the government should give priority to accessibility of suburbs if conditions permit,on the one hand,it can alleviate the traffic congestion in the urban area,on the other hand,it can strengthen the interaction and economic connection between the urban center and the periphery;the government can reserve land 5-10 years before the opening of rail transit,which can capture the land value to the greatest extent as well as recover the public investment of subway;The government's rail transit planning should give priority to the commercial and residential functional areas with dense population and active economic activities.On this basis,this paper further studies how to realize the premium recovery of rail transit.This paper summarizes two kinds of capture methods of value based on tax and development at home and abroad,and explains the difficulties and improvement of value capture under the system of "land bidding,auction and listing" system.Taking "Rail + Property" in Hong Kong and "comprehensive land development" in the mainland as examples.Finally,this paper deeply explores the construction of Metro Town,a typical mode of Rail + land development in Wuhan suburbs,summarizes the key points of land development under the guidance of TOD,and further proposes that the "land oriented reserve mode" based on land reserve and land transfer can be explored for the Metro Town,so that the Metro Company and the government can cooperate to implement the value recovery. |
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