no, not the profitability--what I mean is they *need* ownership of their own land (at minimum) to do justice to their rail
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Japan has competition! What works in a city of 35 million doesn't necessarily work in smaller cities.
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when it comes to rail, area is a better guarantor of competition than population--HK has the population but no area
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Tokyo's private companies cover approximate slices of the suburbs; Keio isn't competing with Keikyu, for instance...
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...except insofar as someone living in Keio turf can move to Keikyu turf
End of conversation
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