The future high-speed rail network in China will change the country’s property landscape, as it will bring new opportunities for property development that will serve as station-based central business districts, according to Asia Research Report by CB Richard Ellis’s (CBRE).
The new high-speed rail network will connect the country’s nearly 80 cities grouped in 9 major urban regions such as the Western Taiwan Strait Economic Zone, the Guanzhong Agglomeration, the Wuhan City Cluster, Central Henan, the Chengdu-Chongqing Corridor, the Changsha-Zhuzhou-Xiangtan Sphere, the Pearl River Delta, the Yangtze River Delta and the Bohai Rim.
CBRE said the surrounding of the future “high-speed rail stations are being planned as integrated development zones providing an array of inter-linked office, retail, hospitality and residential properties.”
The model of property projects around the future railway stations were pioneered by Japan, it said.
“In Kyoto, five hotels, two department stores and several art galleries were built in and around the city’s railway station, which is now a major business centre with the highest passenger numbers of any area in the city.”
The report said suburban areas that will be served by the future high-speed rail network will take between 5 years to 10 years to evolve toward maturity.