地鐵，即係以地養鐵，每一次小編由新界西出中環，都會望到沿途幾個西鐵站幾個物業發展項目：瓏門II、朗屏8號、YOHO I同II，近排仲有呢個全城匯、海之戀同柏傲灣。不過呢d都唔會關小編事，因為作為freshgrad-to-be既小編，短期內都係買唔起。
以地養鐵其實係世界各大城市都係常見既現象。大家既政府都係諗緊點樣可以又起鐵路又可以縮數。想威，緊要戴番個頭盔。結果就諗出左以地換錢既方法，將新鐵路附近既地或者上蓋既發展權批比港鐵，港鐵再邀請發展商黎投標，中標既發展商會同港鐵分享物業發展既利潤，最後港鐵分到既會用番去起鐵路。成個過程，政府一分錢都唔洗出，又可以向發展商收取土地補價。有研究調查過，自有地鐵已黎，政府投資左大約三百二十億港元係鐵路發展，但係計埋相關土地補價、港鐵股份市值、股息收入、上市收益，合共賺左二千四百二十六億港元，姐係搞鐵路，政府淨賺二千一百億左右。
除左物業發展，港鐵仲有自己既物業，例如IFC I同II、四季、海富中心，應有盡有。聽到呢度，大家都會以為港鐵係地產商，多過係鐵路公司。呢樣野又真係無錯，因為連港鐵都唔顧忌咁係佢份年度報告度講，係二零一五年裡面，六成利潤都係黎自物業發展、租賃及管理利潤，反而鐵路服務利潤只佔四成。你話邊會有劏羊既話自己要靠劏狗黎養家？
學術上呢種叫做「鐵路–物業」模式 (Rail-Property Model)。呢種方式好處係，政府同納稅人一蚊都唔洗出，就可以等鐵路自己發展。咁當然，羊毛出自羊身上，鐵路都只可以沿住具物業發展潛力既地區發展。西鐵線係唯一既例外，當年新界西堅毅既國民只可以搭巴士經只係四線行車，仲要無中轉站既屯門公路出荃灣旺角，塞車問題嚴重，結果政府只有邀請九鐵（係九鐵，唔係狗鐵）起西鐵。點解搵九鐵？第一，九鐵經營緊輕鐵，方便接搏；第二，九鐵出名唔搞地產，而當時新界西根本搞地產都無乜肉食，正正岩曬政府意思。結果通車果日，原本個月台預左可以九卡車，但係最後連七卡車廂都未坐滿過，九鐵結果蝕足幾年，姐係比政府水左幾年。最後二零零七年兩鐵合併，港鐵冷手打個熱飛機，遇正新界西人口急速膨脹，七卡車坐到好似罐頭沙甸魚咁。讀經濟既小編每日搭西鐵就好似做緊經濟學考察，觀察規模經濟（economies of scale）係點樣發生。自此之後，小編就知道，經濟學家所講既規模經濟，就即係罐頭沙甸魚。
參考資料：
Suzuki, H., Murakami, J., Hong, Y. H., & Tamayose, B. (2015). Financing transit-oriented development with land values: Adapting land value capture in developing countries. World Bank Publications.
http://www.unescap.org/sites/default/files/1b.4_TOD%26ValueCapture_Hong%20Kong_HungWingTat.pdf
http://www.mtr.com.hk/archive/corporate/en/investor/annual2015/EMTRAR2015F.pdf
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