When the first edition of Cities of Opportunity was developed, we made a decision to rank cities only in their 10 indicator categories and to forego showing overall rankings to avoid the misperception of a contest. That risk seemed especially significant in 2007, when the media cast New York and London in a death match for global capital market kingship.
This dissertation examines Hong Kong, Singapore, and Tokyo as three transit-oriented global center models, wherein entrepreneurial city-states have largely integrated rail transit investments with urban regeneration projects to guide postindustrial agglomeration and spur economic development in target locations. For each of the three Asian cases, I classify types of joint development packages on the basis of built environment attributes and estimate the impacts of rail transit investments and joint development packages on market location shifts and land price changes over the last decade. The empirical findings suggest that mixed-use redevelopment projects and urban amenity improvements around terminal stations largely shift the competitive advantages of knowledge-based businesses and the lifestyle preferences of highly skilled professionals towards central locations. The hedonic price models, however, reveal that the synergetic effects of rail transit investments and urban…
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.
Over the past decade, mainland Chinese cities have rapidly suburbanized. Fueling the centrifugal movement of people and jobs out of central cities has been rising disposable incomes which allow more housing consumption and not unrelated, private automobile ownership (Ingram, 1998). More and more, Chinese cities are mimicking the suburbanization trends and patterns of the post-World War II United States, the world’s most car-dependent nation.
The sustainability implications of car-oriented suburbanization are cause for concern. Since 1978 when China’s central government introduced its open-door policy of economic form, urban population has grown from 80 million to more than 560 million, an annual growth rate of 7.5% (Lin, 2002; Zhang, 2007). Vehicle ownership has increased at more than twice this rate. In Shanghai, the number of registered private automobiles jumped from 200,000 in 1991 to 1.4 million in 2002 (Zhang, 2007).
Urban China’s swift pace of peripheral…
In September 2003, the MTR Corporation (MTRC) approached the Research Centre for Construction & Real Estate Economics of The Hong Kong Polytechnic University with a request to undertake a study of an essential element of its business operations known as the ‘integrated rail-property development model’. The MTRC wants the study to ascertain, from both theoretical and empirical perspectives, the impacts and benefits generated by this development model.