Guide to Value Capture Financing for Public Transportation Projects (2016) / Chapter Skim
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transit agencies considering value capture potential. Hong Kong's Mass Transit Railway Corporation is an exceptional example of highly integrated transit and real property development.
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III Local Economic Conditions and Market Considerations Hong Kong, with a population of 7.2 million as of mid-2014, is one of the most densely populated places in the world. Hong Kong's most densely populated district, Kwun Tong, has a density of approximately 148,000 people per acre (Hong Kong Government, 2015)
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Hong Kong Mass Transit Railway Corporation, Hong Kong 65 Source: Mass Transit Railway, 2016. Figure 24.
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. As a combined enterprise, the transit and real estate development divisions of MTRC are incentivized to maximize value creation and subsequent capture through synergies rather than competition between railway operations and property development.
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V Regulatory Considerations From a value capture perspective, MTRC's R+P program is borne entirely from regulatory entitlement. HKSAR grants or endows land, through long-term renewable leases, to MTRC at prices usually below market.8 This process between MTRC, HKSAR, and developers is illustrated in Figure 28.
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68 Guide to Value Capture Financing for public Transportation projects MTRC and HKSAR then negotiate formal agreements that include obligations of MTRC and terms of land acquisition in the form of long-term renewable leases from HKSAR. MTRC then secures necessary planning, regulatory, and development approvals.
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. VII Takeaways Key takeaways from the Hong Kong Mass Transit Railway Corporation case for U.S.
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