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Journal of Chinese
Architecture and Urbanism Urban regeneration market mechanism research

Figure 5. Caixi historic area, Dongcheng (Eastern) District, Beijing. Source: Drawings by the authors (Data in the figure are derived from interviews or
project introductions during our research investigation and do not necessarily represent the accurate final data); photos from the platform company

Table 2. Benefits distribution in different governance structures
Governance structure Value type Benefit distribution
Government Market Residents
Welfare protection-oriented type Public welfare (++,+) (+,+) (+,++)
Economic growth-oriented type Economic value (o,+) (++,++++) (o,o)
Integrated development-oriented type Public welfare+economic value (++,+) (++,++) (+,+)
Note: “+” denotes the scale of input or benefit, and the magnitude increases with the number of “+”. On the other hand, “o” denotes that no input is
made or no benefit is obtained.

implementation with balanced costs and benefits under market transaction price of second-hand housing in this
government financial investment. In this type of project, community is about 114,500 yuan/sqm, and the market
facilities and public space projects have a relatively high price of a 50 sqm room should be about 5.7 million,
degree of publicity, which can be used by all urban residents. which is 10 times the investment of the project. Overall,
The source of government investment also comes from the this is a good deal for the original residents. According
tax revenue provided by urban residents, forming a closed to the feedback from the implementation enterprise, the
loop that balances cost input and users. However, the use proportion of residents who have agreed reached 100%
rights of residential regeneration projects are owned by the each time in the three rounds of consultation, which is
residents, and the degree of publicity is low. The government rare in old community regeneration projects. Some public
invests in renovation funds in a targeted manner. The opinions on the Internet said, “Residents in this project
residents of the regenerated community have benefited bought a new dwelling of more than 5 million yuan with
from the improved spatial conditions, while the residents 150,000 yuan, which is almost an unexpected fortune.”
of the unrenovated community have never obtained any The economic growth governance structure is mainly
benefits. In fact, it is an unfair distribution of regeneration aimed at tapping the economic value, meeting the profit
rights. For example, in the Guangming Building 17 project, demand of various market players, and promoting the
the original residents invested in the purchase of the rebuilt efficient use of spatial resources through the reasonable
houses. The renovation cost of the original house area is allocation of spatial property rights, which is a kind of
1560 yuan/sqm, and the new parts for purchase after the mature market regeneration model, and the government
renovation are based on the comprehensive reconstruction can obtain certain tax revenue through the development
cost of 6564 yuan/sqm; the average investment of 157,000 of industries. In projects such as old buildings and
yuan per household can buy a room of about 50 sqm, the industrial plants, the original low-efficiency industries

Volume 6 Issue 1 (2024) 10 https://doi.org/10.36922/jcau.0885