概要

中国的城市在为城市过境基础设施增长筹集资金方面面临重大挑战。当前通过市政财政收入（部分来自土地特许费）和政府支持的银行贷款为城市地铁或地铁项目提供融资的做法不仅不足以满足需求，而且加剧了深座的问题。在各种旨在减轻地方政府融资问题的方法中，Rail Plus Property（R+P）开发提供了有希望的解决方案。R+P开发利用公共部门，运输公司和开发商之间的合作伙伴关系来协调运输系统和邻近房地产开发的计划和融资。通过捕获运输项目之后的土地价值升值，R+P可以部分或完全填补构建昂贵的地铁项目的资金空白。尽管有这些机会，但在中国城市中R+P发展的广泛采用仍然受到广泛的概念上的误解，缺乏政治意愿以及多种法律，监管和机构限制的阻碍。本文分析了沿海城市深圳的经验，这是中国R+P实验的成功例子。

关键发现

The study unravels the integrated approach employed by Shenzhen that contributed to its success of Rail plus Property Development. The city’s integrated approach includes innovative financial arrangements, integrated urban and transit planning, land policy reforms, savvy and demand-driven business operation at the corporate level, and institutional mechanisms that facilitate multi-stakeholder dialogues. Furthermore, our research indicates that the successful implementation of R+P also depends on strong political will, a booming real estate market, mature capital markets, and a capable and willing private sector.

The study also underscores the necessity of legal, regulatory, and institutional reforms at both the national and municipal levels to enable the implementation of R+P.

在国家一级：

  • 改革当前的土地立法，以允许以不同的价格和分期付款的资助差距和地铁公司的现金流量，以不同的价格和分期付款租赁土地利用权。
  • 修改土地立法，以允许在运输站上方及其周围的营利性开发。
  • Reform the government-led urban planning process through relevant planning legislation and guidelines to facilitate integrated land use and transit planning and transit-oriented development.

At the local level:

  • 促进不同部门和开发商之间的跨部门协调和对话，以使项目与市场需求相匹配。
  • 改善当地的城市规划和过境规划系统，并制定本地，市场响应的计划法规，以允许采用专业运输的开发分区代码和私营部门参与。
  • 为一块土地创建多层土地开发权，并将不同的土地发展权与混合土地用途联系起来，以促进权利转移。
  • 在地方一级发行一致的法律文件，该文件放松限制并为R+P开发提供法律基础。
  • Reinforce local capacities to manage sophisticated projects through external consulting services, dedicated institutions, and research funding sources.

To implement R+P, the following areas require particular attention:

First, R+P is a risky undertaking. Being risk-conscious and safeguarding against potential macroeconomic, real-estate market, and institutional risks from the very beginning is essential for the success of a project.

Second, reasonable risk-sharing between government and the metro company is key to incentivizing the company while ensuring the public benefit. In China, this means that R+P schemes are not one-size-fits-all; they should be innovatively tailored.

第三，R+P是一项长期的工作，并且没有快速获胜。它需要持续的顶级领导，持续的资金安排发展以及持续优化发展建议。还必须将发展与市场需求相匹配，改善机构保障措施（以及协调机制），并加强政府的监督和执法。

执行摘要

Mounting housing and travel demands fueled by the rapid urbanization in China have created huge transit infrastructure gaps. However, the lumpy land lease payment and governmental borrowing through special purpose vehicles as the major source of transit funding, have not only aggravated municipal financial liabilities, but also led to boarder adverse impacts such as urban sprawl and farmland depletion.

On the other hand, ample opportunities exist to capture land value increments around transit station as new alternatives to finance transit systems. In China, although the land premiums accrued from the improved accessibility of transit services abound, they have been mostly captured by real estate developers.

为了通过土地价值捕获来为过境基础设施提供资金，香港的铁路和房地产开发（一种利用公私合作伙伴关系来创建和捕获土地保费的机制）提供了更相关和合理的解决方案。尽管在中国，越来越多的城市，例如深圳和杭州，率先进行了铁路和房地产开发，但这种模型的广泛采用仍然受到概念上的误解，机构和监管障碍，缺乏财务诱因和能力限制的阻碍。

本文分析了沿海城市深圳的经验，这是中国R+P实验的成功例子。Through semi-structured interviews, field visits, and a literature review, the study unravels the integrated approach employed by Shenzhen that contributed to its success. The city’s integrated approach includes innovative financial arrangements, integrated urban and transit planning, land policy reforms, savvy and demand-driven business operation at the corporate level, and institutional mechanisms that facilitate multi-stakeholder dialogues. Furthermore, our research indicates that the successful implementation of R+P also depends on strong political will, a booming real estate market, mature capital markets, and a capable and willing private sector.