Abstract: As one of China’s important transportation infrastructure constructions, the high-speed railway construction can exert significant influences on the real estate prices. Based on the panel data of 2245 premises around the stations of 13 major cities along the Beijing-Shanghai high-speed railway from 2005 to 2014, this paper tries to analyze the influence of the high-speed railway on the real estate prices by constructing a triple difference model. The findings are that: (1) the construction of high-speed railway can really raise the prices of houses along the high-speed railway significantly, however, within a certain distance, this promotion effect would decrease gradually with the increase of the distance, which is mainly reflected during the period of railway construction; (2) there exists a significant heterogeneity in the influence of high-speed railway on the real estate prices; specifically, the promotion effect of high-speed railway is more significant on cities with higher house prices, larger population and larger economic aggregate than on cities with lower house prices, less population and smaller economic aggregate.

Key words: high-speed railway; real estate prices; nonlinear effect; heterogeneity