In view of the model of 'high-speed rail + city', many railway stations in China are located around kilometers and even far away from city centers. Open-up space is required for the construction of high-speed railway in new urban areas, in essence, which is property development. The basic function on providing convenience to transportation will be weakened. Along with the cycle of macroeconomic development and the process of urbanization slowing down, the amount of local debts began to be constrained. Companies will invest less in urban construction, while the urban demand for service facilities are going up. Such being the cases, Anbound researchers believe the 'high-speed rail + city' model might fall in difficulty and with debts in China. It is urgent to be adjusted.