In the high-speed-rail (HSR) construction boom of China, although some cities have upgraded old train stations in inner cities to be compatible with HSR, more cities have built new HSR stations on undeveloped land in the urban periphery. This study investigates the impact of intra-city access to inter-city transport nodes and explores the implications of HSR station locations for the accessibility and residential property values in Chinese cities connected by bullet trains. We find that for the cities with HSR stations in suburbs, the gains in inter-city travel brought by HSR are largely offset by the prolonged intra-city travel time to reach the stations, thus limiting frequent usage of HSR for daily commuting. The inner-city HSR station in Hangzhou shows a positive impact on residential property value in the vicinity, while the suburban HSR station in Guangzhou has not been observed to raise the residential property values noticeably in the short term despite the government’s intention to stimulate development in surrounding areas. The research findings show the need for better connections of HSR stations with the city to magnify the accessibility provided by HSR and careful integrated planning to promote desirable urban development outcomes in station areas.