Hong Kong’s principal rail operator, the MTR Corporation (MTRC), has advanced the practice of transit value capture more than any public-transport organization worldwide. It has done so through its “Rail + Property” development approach, or R+P. Chapter One examines the evolution and implementation of R+P since its inception in the mid-1980s. The role of MTRC as master planner of station-area development and the process introduced to share risks and rewards among public and private stakeholders are discussed. Chapter Two discussed R+P as a form of transit-oriented development (TOD). Through good quality urban design and attention to the needs of pedestrians, concentrating growth around stations can not only help finance capital infrastructure but can also contribute to place-making and community enhancement.