Editing Transit-oriented development (section)

====Hong Kong====
[[File:Union Square Overview 201008.jpg|thumbnail|300px|[[Union Square (Hong Kong)|Union Square]], a transit-oriented development centred on [[Kowloon station (MTR)|Kowloon station]], Hong Kong]]
[[File:ShatinTownCentre 20070831.jpg|thumbnail|[[Sha Tin]] town centre, built around the [[Sha Tin station|Sha Tin railway station]]]]
Compared to other developed economies, the car ownership rate in Hong Kong is very low, and approximately 90% of all trips are made by public transport.<ref>{{cite web|title=Provision of Public Transport Services|url=http://www.td.gov.hk/en/publications_and_press_releases/publications/free_publications/the_third_comprehensive_transport_study/5_coordination_of_different_transport_modes/|website=The Third Comprehensive Transport Study|publisher=Transport Department}}</ref>

In the mid-20th century, no railway was built until an area was well developed. However, in recent decades, [[Hong Kong]] has started to have some TODs, where a railway is built simultaneously with residential development above or nearby, dubbed the "Rail plus Property" (R+P) Model.<ref>{{Cite web|url=https://www.mckinsey.com/industries/capital-projects-and-infrastructure/our-insights/the-rail-plus-property-model|title=The 'Rail plus Property' model: Hong Kong's successful self-financing formula|website=McKinsey & Company|language=en|access-date=2018-09-06}}</ref> Examples include:

* [[LOHAS Park]]
* [[Olympian City]]
* [[Tung Chung]]
* [[Union Square (Hong Kong)|Union Square]]
The Rail plus Property model, which captures the [[value capture]] of land surrounding new public transport, allows Hong Kong to be one of the world's few profitable public transit systems, generating a profit of $1.5 billion in 2014.<ref>{{Cite web |title=The 'Rail plus Property' model: Hong Kong's successful self-financing formula {{!}} McKinsey |url=https://www.mckinsey.com/capabilities/operations/our-insights/the-rail-plus-property-model |access-date=2022-12-10 |website=www.mckinsey.com}}</ref>