| In recent years,the rapid rise of Beijing,Shanghai,Guangzhou,Shenzhen and other first-tier urban rail transit has formed a more complete network.Rail transit in second-tier cities like Tianjin,Nanjing,Hangzhou,Wuhan,Chongqing,Chengdu,Xi'an,Shenyang,in which rail transit has gradually been established,are experiencing rapid growth.Urban rail transit,which acts as a new body of urban transport system,needs a large number of local investment.However,after the reform of separate tax system,the local government's tax revenue has declined drastically,and the central government allocated less local budget to the local government.Due to the lack of a set of perfect property rights,taxation and fiscal system which are similar to that of the West,local governments can not rely on the tax system to support the construction of rail transit and the issuance of municipal bonds for effective financing.But surprisingly,the city's rail transportation investment not only did not plummet,but increase rapidly.Because of local governments' winning the track development opportunities in the fierce competition and beginning to try to find different financing channels,and thus the construction of rail transit become more entrepreneurial.Among various sources of funds,extra-budgetary land revenue and land-based financing have become the main source of investment in urban rail transit construction.As the rail transit can quickly improve the reachability of the surrounding area,and then raise the land price,promote urban expansion,especially the development of urban new areas,resulting in a huge positive external effects.Local government drives the rail transit along the real estate market demand through the construction of rail transport policy financing and low subsidies to,which sales the land at the premium through high land value capture.The extension of rail transit,led to realize suburban space premium,and local government can seizure a large-scale of land value to achieve the formation and accumulation of capital,to maintain and build new urban rail transit.Therefore,China's land finance-based value capture model,essentially different from Europe and the United States tax or bond-based value capture model,is not exactly the same as joint development model in Japan or Hong Kong.And it may be a value capture efficiency higher pattern.If used properly,it will greatly promote the rapid development of rail transit.But this model is potentially risky due to over-reliance on land finance,especially for continued land transfer gains in the future.In view of the relative lack of attention to the land value capture model,this paper intends to analyze the real estate premium and the land value capture mode along the No.3 metro line in Chongqing,with a view to enhancing the land development and value capture mode of understanding.According to the inherent logic of rail transit construction,real estate premium and land value capture,this paper establishes a preliminary analysis framework by forming the financing model of land transfer and land mortgage.This may be the key to unlock the mystery of the rapid development of rail transit in China.The study found that the construction of the No.3 metro line in Chongqing effectively alleviated the problem of rail transit congestion and also strengthened the commuter link between the main center,sub-center and peripheral groups.The rail transit which has formed a multicenter,multi-center style pattern,led the expansion of the surrounding cities and accelerate the suburbanization of Chongqing development trend.The length of the No.3 metro line reached 66.49 km,which extends to the suburbs and even the suburbs and promote the main city of Chongqing north and south axis expansion trend,because of the suburbs of large-scale land reserving and the inherent needs of the promotion of land appreciation.The construction of the No.3 metro line to promote the suburbs,especially the land value of the “Liang jiang New Area”.Local government quickly capture land value to produce real estate premium to subsidize or nurture rail construction costs.Aiming at the empirical research of the No.3 metro line in Chongqing,the above analysis frame is verified to a certain extent.Empirical study found that the price along the No.3 metro line was inverted " U-type" distribution characteristics,which was from the main center,sub-center to the peripheral group gradually decreased.No.3 metro line has a clear role on the surrounding real estate development,and this area gathered 95% of the new disk development.The average price along No.3 metro line within 1km is higher than that without 1km 460 yuan/m2.It indicates that the adjacent area of the No.3 metro line of the real estate value higher than other regions.The No.3 metro line brings a substantial appreciation of the suburban housing prices,and it is more obvious that the price of the suburbs is higher than the main city.Housing prices in the No.3 metro line outside the emergence of a number of secondary peaks,and the northern part were significantly higher than the south.It is due to the north along the sub-center of Guanyinqiao,auto exhibition center of Chongqing,Chongqing Garden EXPO,Chongqing Jiangbei Airport and other new development Area,while the south along the cross in the city villages.With the construction of the No.3 metro line,the area of land development hotspots along the area increased.Which consists of the significantly increase of the commercial,residential and industrial land.Especially in the development of residential land,showing a high density and compact development trend,with the development of rail transit(TOD)characteristics.The No.3 metro line along the sub-center and the surrounding group of new development hot spots,promotes the built area continued to expand.According to statistics,the No.3 metro line which crosses the suburbs of land,and its value has quadrupled or even more.The fast land value creates the conditions for a unique value capture model.The No.3 metro line has a total investment of about 20.7 billion yuan.Although Line 3 introduces a public-private partnership(PPP)project financing model,the main source of funding is still the government-funded and domestic bank loans.Within 1.5km along Line 3,local government access to 149.8 billion yuan of land transfer payments from 2007 to 2017,of which more than half of the land net income.As the Chongqing Investment Group ahead of the land reserve,most of the land net income fell into the hands of local governments.Obviously,the huge amount of land transfer income and the land mortgage-based domestic bank loans,are the main source of funding for the construction of Line 3.It is easier to achieve land value capture in China because of China's huge land revenue space and unique land value capture mode than Western.And it is easy to achieve the link between rail transport and land development.Combining rail transport construction and land development with the rapid development of rail transport to bring value,and the primary market land transferring,local government obtains high amount of land transfer payments,and then quickly and effectively raise the track construction funds,prompting the construction of city new town or new district.In this paper,similar to Hangzhou Metro Line 1,Nanjing Metro Line 2,Beijing Metro Line 13,Shanghai Metro Line 9 and other cases,as a case analysis,Chongqing Rail Transit Line 3 is not an accidental case,has universal significance in the country.As a consequence,based on the rail transport financing this paper establishes the this unique land value capture recovery analysis framework,theoretically enriches the Western tax and bond-based land value capture recovery model,promoting transformation and sustainable development of rail transit financing in China practically. |
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