T J T L U http://jtlu.org V. 14 N. 1 [2021] pp. 563–582 Evaluation of the land value-added benefit brought by urban rail transit: The case in Changsha, China Wenbin Tang (corresponding author) Qingbin Cui Changsha University of Science and University of Maryland Technology
[email protected] [email protected] HongyanYan Feilian Zhang Hunan University of Finance and Economics Central South University
[email protected] [email protected] Abstract: Accurate evaluation of land value-added benefit brought Article history: by urban rail transit (URT) is critical for project investment decision Received: August 4, 2019 making and value capture strategy development. Early studies have Received in revised form: focused on the value impact strength under the assumption of the October 8, 2020 same impact range for all stations. However, the value impact range at Accepted: February 11, 2021 different stations may vary owing to different accessibilities. Therefore, Available online: May 7, 2021 the present study releases this assumption and incorporates the changed impact range into the land value-added analysis. It presents a method to determine the range of land value-added impact and sample selection using the generalized transportation cost model, then spatial econometric models are further developed to estimate the impact strength. On the basis of these models, the entire value-added benefit brought by URT is evaluated. A case study of the Changsha Metro Line 2 in China is discussed to demonstrate the procedure, model, and analysis of spatial impact. The empirical analysis shows a dumbbell-shaped impact on the land value-added benefit along the transit line with a distance-dependent pattern at each station.