The "rail + property" model is a typical form of investment in urban public infrastructure construction by the capture of land value. In the context of the transition from increment to stock development, domestic cities still depend on the path of land finance. The application of the "rail + property" model is limited to the early development stage, and there is a lack of longterm operation ideas and planning responses for the stock-based development period. This article starts with research on the balance principle of increment-stock stages and the value capture tools of land property. It interprets the practice of the"rail + property" model in three typical cities: Tokyo, Hong Kong, and Shanghai, and reflects on it from three dimensions: mechanism, technology, and market. It proposes suggestions for the planning and implementation of rail property in the stock-based development period.