Australian value capture resource has arisen out of Melbourne efforts

In Australia, Hong Kong's MTR has proposed some non-controversial improvements to Melbourne's rail system. However, as noted in this Victoria news article, the plans have raised concerns about the value capture methods MTR hopes to use to pay for the upgrades.

The revamp includes removing level crossings at Murrumbeena, Koornang, Clayton and Centre roads and rebuilding Murrumbeena, Carnegie and Clayton stations. At the time no mention was made of the potentially controversial property development component of the project. Detail, such as the precise areas to be developed, and planning issues such as height, are yet to be finalised. So too, it seems, is any agreement about the millions of dollars likely to be generated from the sale of apartments, and commercial space.
 - Read more: http://www.theage.com.au/victoria/highrise-plan-for-railway-hubs-20140503-37p6f.html#ixzz3GcLmfJYl

Whatever the result, the effort has produced an easy-to-read white paper on transit value capture options in the Melbourne context. It's well worth the read. Here are the final thoughts in the report:

This paper has identified a range of ways various jurisdictions responded to the transport challenges they faced. In many instances, advancement for the future has required difficult and occasionally unpopular decision-making to transform the city. 
The funding options outlined are by no means an exhaustive list of possible opportunities, and the Committee for Melbourne recognises that many are at times both difficult to understand and unpopular to discuss. Nevertheless, the Committee is committed to driving forward an informed debate on how all Melburnians can work together to solve some of our complex infrastructure challenges.
 - Moving Melbourne: A transport funding and financing discussion paper