Analysis of Investment and Financing Model Innovation and Commercial Value Spillover Effects in Rail Transit TOD Projects

Rail transit transit-oriented development (TOD) projects face substantial financing constraints stemming from high capital intensity and extended payback periods, necessitating innovative investment and financing model design. This study examines financing model innovation pathways and commercial value spillover effects in Chinese rail transit TOD projects through integrated qualitative comparative analysis and quantitative empirical investigation employing hedonic price modeling and difference-in-differences estimation strategies. The theoretical framework synthesizes land value capture principles, public-private partnership structures, and spillover effect mechanisms within a unified analytical construct. The findings indicate that property value premiums exhibit characteristic distance decay patterns, with appreciation rates of approximately 15%-25% within core station catchment areas (0-500m) progressively diminishing to 1%-5% at peripheral zones (2-3km). The Rail+Property model, PPP-REITs hybrid structures, and multi-stakeholder collaboration frameworks demonstrate potential for establishing sustainable financing ecosystems through circular value flows. The research contributes to understanding value capture mechanism design and provides reference for policy formulation regarding TOD financing optimization in rapidly urbanizing contexts.

https://doi.org/10.63808/ftd.v2i1.302

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