Japan's private rail system is sometimes characterized as a real estate development scheme with a railroad attached.

https://www.bloomberg.com/news/articles/2012-05-18/the-secre...

>That's the most of any private railway in Japan, as of 2006, according to Calimente. That year Tokyu generated $2.63 billion in revenue en route to $587 million in profits. Rail fares brought in about a third of that figure, real estate holdings reap another third, and retail about a fifth.

Even in a highly managed economy, private or semi-private rail may be able to compete under the right circumstances.