I can only speak from experience for Hong Kong's MTR system. It has over 100% farebox recovery as well. Fares are distance-based [0] so it's hard to tell, but t

I can only speak from experience for Hong Kong's MTR system. It has over 100% farebox recovery as well. Fares are distance-based [0] so it's hard to tell, but the average seems to be US$1.20 or so per person (unless you are traveling to Shenzhen) one way, which doesn't include transfers to the privately-run buses. If you believe in the Big Mac index at all this doesn't seem to be much more expensive compared to the US. (Note that it doesn't include transfers to buses.) But the MTR actually was subsidized by the government, which let MTR Corporation develop the land above the subway to make malls and stuff, which they make even more money on. Presumably some of this profit gets reinvested into the system itself. 0: http://www.mtr.com.hk/en/customer/tickets/octopus_fares.html http://www.mtr.com.hk/en/customer/tickets/octopus_fares.html