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Title:

The Economic Impact of the Metro System on Retail Properties in Hong Kong

Accession Number:

01623316

Record Type:

Component

Abstract:

As one of the international finance centers all around the world, Hong Kong has encountered many urban problems, such as population explosion, traffic congestion and scarcity of land resources. In order to solve these problems, Hong Kong government adopts rail-transit- oriented development. Regarded as a sustainable transportation, metro systems are operated in many districts of Hong Kong. Their constructions and operations have many influences on social, economic and environmental development, and have led to a sustainable future. Although the impacts of metro systems on residential properties, land values, and joint development are frequently discussed, the influence of the metro system on retail properties is rarely investigated. Therefore, this paper aims to explore the economic impact of the metro system on retail properties in Hong Kong. In this paper, hedonic price models are used to estimate the impact of metro systems on retail property values in Hong Kong. Seventeen stations of the Island Line are divided into five categories: high-intensity urban node, mixed-used regional node, community center, public center and neighborhood station. This paper explores the capitalized benefit of each type of metro stations on retail property values within an 800 m radius of pedestrian catchment area during the operation of metro systems. This research fills the gaps and refines understanding of the economic influences of metro systems on retail properties. It can be the basis for the government to decide rail transit location, district planning and sustainable urban development in the future.

Supplemental Notes:

This paper was sponsored by TRB committee ABE20 Standing Committee on Transportation Economics.

Monograph Accession #:

01618707

Report/Paper Numbers:

17-01114

Language:

English

Corporate Authors:

Transportation Research Board

500 Fifth Street, NW
Washington, DC 20001 United States

Authors:

Bai, Yunxi
Lo, S M
Yuen, Richard K K

Pagination:

20p

Publication Date:

2017

Conference:

Transportation Research Board 96th Annual Meeting

Location: Washington DC, United States
Date: 2017-1-8 to 2017-1-12
Sponsors: Transportation Research Board

Media Type:

Digital/other

Features:

Figures; References; Tables

Uncontrolled Terms:

Hedonic price models

Geographic Terms:

Hong Kong (China)

Subject Areas:

Economics; Planning and Forecasting; Public Transportation

Source Data:

Transportation Research Board Annual Meeting 2017 Paper #17-01114

Files:

TRIS, TRB, ATRI

Created Date:

Dec 8 2016 10:19AM