How high-speed rail service development influenced commercial land market dynamics: A case study of Jiangsu province, China

The rapid expansion of China's high-speed rail (HSR) networks presents an opportunity to make urban economies more consumer-oriented. Many commercial and business districts have been planned in the areas surrounding stations. This study examines and critiques the impacts of HSR on commercial land markets in Jiangsu: a pioneering province for HSR development in China. After considering various locational and contextual factors, this study focuses specifically on how HSR stations and the frequency of train services have affected the dynamics of commercial land markets, using a spatial panel approach. The results show that the opening of HSR services has significantly impacted trade volumes, while the frequency of train services has significantly affected trade prices. Further analysis shows variation in the impacts of HSR stations and train service frequency on commercial land markets between Jiangsu's developed south and less-developed central and northern sub-regions. The findings suggest that the study of HSR impacts is sensitive to the selected spatial scale. Moreover, HSR development may not result in the creation of dynamic commercial economies for every city. Consequently, locally based policies are needed to take advantage of the transport-induced opportunities.