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With the acceleration of urbanization, urban renewal has become an important issue in the stock era.
In 2022, China's urbanization rate will reach 6522%, achieving the urbanization target set by the "14th Five-Year Plan".
This transformation marks that the urbanization process is gradually transitioning from the stage of extensive expansion to the stage of connotative development, and the city has begun to enter the ranks of organic renewal in an orderly manner.
Compared with the previous urban development model, what changes have occurred in the underlying logic of urban renewal? What are the drivers of development? How the way of thinking will change is mainly from the following aspects**.
First, the development momentum has changed from "land + new construction" to "space + quality improvement".
As urban development enters a new stage, the urban expansion model of "land + new construction" has faced a bottleneck. In order to achieve sustainable urban development, urban renewal has become an important direction.
Under the guidance of relevant policies, various localities have carried out urban renewal actions in a variety of ways to improve urban functions and improve the quality and efficiency of space.
In order to prevent excessive real estate in urban renewal, the protection of history and culture and the inheritance of cultural context are emphasized, as well as the public welfare attribute in urban renewal.
Under the guidance of policies, the logic of development and construction of urban renewal projects is changing, from a development-oriented model to an operation management model, focusing on long-term operation and long-term benefit returns, rather than short-term benefit returns.
The development and implementation entity needs to hold all or part of the assets, comprehensively consider the overall operation of various resources, and participate in the overall operation of space development, upgrading and transformation, property management, investment and financing operation, business content update, product update and iteration for a long time.
In order to ensure that the assets held continue to increase in value and adapt to the changing external market and consumption environment in the long term in the future. At the same time, the incubation of regional industries, the promotion of the gathering of talents and consumers, and the organic growth of urban functions are also important goals of urban renewal.
*, enterprises and all parties in society are actively exploring the renewal mode and path suitable for the local area. PassedRefined management and operation, to the "space" to benefit, to achieve the sustainable development of the city and the return of long-term benefits.
Second, the implementation of the main body from the "single main force" to the "multiple subjects".
The era of increment dominated by real estate developers in the past has passed, and now many entities, including investors, real estate developers, construction parties, operators, and platform companies, are involved in urban renewal projects.
It still plays an important role in urban renewal, but with the transformation of the renewal model, the responsibility is gradually weakened, and the participation of market-oriented entities increases.
Especially in the area type of project, ** through the introduction of social capital parties (including the construction party, the design party, the industrial operator and other leading enterprises composed of a consortium), and the establishment of a project company, as the overall investment and financing, development and construction of the project and the implementation of the operation and management of the body.
This model emphasizes risk sharing and the principle of "value for money" in the process of cooperation, so as to jointly promote the implementation of urban renewal projects.
In the future, the linkage between government and enterprises will become the mainstream trend of urban renewal and development. Social capital and market operation will become an accelerator, and under the guidance of first-class policies and multi-party participation, all localities will enter a period of rapid development of urban renewal.
Through the participation of diversified entities, the financing channels will be further broadened, and urban renewal projects will be able to better cope with financial problems and achieve sustainable development. The participation of multiple entities will help all parties give full play to their advantages and jointly promote the implementation of urban renewal projects.
Third, the driving force of investment has changed from "investment-driven" to "operation-driven".
With the deepening of urban renewal, the return on investment through sales is no longer the main driving force, and asset appreciation through asset management and operation has become the new goal.
It is necessary to strengthen industrial synergy, improve the financial ecology, improve the level of urban services, and optimize the operation of assets to achieve the sustainable development of urban renewal.
The essence of urban renewal is the management of urban assets, and the value of inefficient assets can be improved through the operation of assets, but the core is to cultivate the operational capacity of the project, and finally realize the appreciation of spatial assets.
Urban renewal is not only the transformation, repair and reshaping of urban space, but also needs to stimulate the development vitality of the area from the perspective of operation, drive industrial upgrading, and promote the sustainable development of the city.
Again,At this stage, urban renewal needs to pay attention to factors such as industry, urban space, capital and services, and balance the demands of all parties, such as users, investors, and capital.
From the perspective of urbanization and renewal, it is to transform "assets" into "capital". Through systematic asset updates, targeted scene transformation, and efficient content operation strategies, we are committed to maximizing the value of assets.
Through financing methods such as REITs, quasi-REITs, CMBS, and asset mergers and acquisitions, the exit path of assets is clarified and the capitalization of space assets is realized.
In this way, urban operation feeds back urban construction and forms a sustainable urban organic renewal model.
The accounting logic of urban renewal has changed, from the heavy asset model of rapid sales turnover to the long-term operation of assets to the asset appreciation model.
In this context, the requirement of operation capacity has become the key factor of whether urban renewal is feasible, and the implementation mode of urban renewal has gradually weakened the "project", and the existing space is effectively utilized by using the pre-thinking of "operation", so as to promote asset appreciation and promote urban construction with urban operation.
Fourth, the financing model has changed from the "pre-financing model" to the "industry and finance model".
Urban renewal requires a large amount of financial support, and financial funds and debt financing alone can no longer meet the demand. It is necessary to introduce various types of social capital and market-oriented investment entities to form an "industry + finance" financing model and ensure its efficient operation to support the long-term operation of urban renewal.
In urban renewal work, funding has always been a particularly difficult problem. However, with the transformation of urban renewal models, financing methods also need to be adjusted and innovated accordingly.
Traditional financing methods, such as fiscal funds, special bonds, PPPs, etc., can still be used, but they are mainly for traditional infrastructure and real estate development.
For urban renewal projects, it is more necessary to obtain asset appreciation through industrial operation, so it is necessary to find new financing opportunities.
Financial institutions, social capital, industrial operators, and industrial capital can participate in urban renewal projects through diversified channels, and broaden the financing paths and channels of urban renewal projects.
At the same time, through the introduction of new industries, the stock space can be truly activated and operated, and gradually enter the capital market through asset appreciation to obtain more funds.
In addition, in order to achieve the goal of de-real estate and organic renewal, it is necessary to continuously open up new markets to promote industrial development, promote employment and increase tax revenue.
This requires the joint efforts of enterprises, enterprises and all parties in society to explore financing models and paths suitable for urban renewal projects.
Fifth, the leading mode has changed from "planning leading" to "pre-operation".
In the context of urban renewal,Operational front-loading thinking has become a new trend.
In the past, urban planning and design were the main factors in project leadership, but in the current era of urban stock, space and financial resources alone are no longer enough to meet the needs of urban development.
Therefore,Factors such as operations, services, asset management, etc., are becoming increasingly important.
The pre-operation model emphasizes the introduction of operational thinking at the early stage of the project, and conducts in-depth analysis and planning of the positioning, function, and scale of the project from the perspective of user needs and the market.
This model closely integrates operation with design and construction to ensure that the project is market-competitive from the outset, thereby maximizing the value of the asset.
Specifically, the following aspects need to be considered in the pre-operation:
User Needs:Understand the needs and habits of target users, plan and design projects from the perspective of users, and ensure that the project can meet market demand.
Asset Management & Financial Innovation:Use asset management and financial tools to maintain and increase the value of project assets. This includes financing methods such as REITs and CMBS, as well as capital operation methods such as asset mergers and acquisitions.
Industrial Synergy and Urban Services:Through the integration of industrial synergy and urban services, the contribution of the project to urban development will be enhanced. This includes attracting talents, promoting industrial upgrading, and enhancing the city's image.
Sustainable operation: To ensure the long-term sustainable operation of the project, it is necessary to formulate a reasonable business model and operation strategy to ensure that the project can achieve long-term and stable development in the market competition.
The Jingdezhen Taoxichuan project is a successful case, which has realized the transformation from a single design path to a first-class path for the whole process implementation through pre-operation thinking.
During the project progression, the operational thinking runs through it throughout, ensuring the successful implementation of the project.
In conclusion, pre-operation plays a crucial role in urban renewal, emphasizing the introduction of operational thinking at the early stage of the project to ensure the market competitiveness of the project.
Urban renewal projects can be realized through considerations such as user needs, asset management and financial innovation, industrial synergy and urban services, and sustainable operations.
In the stock era, the new logic and new ideas of urban renewal need to pay attention to the innovation and transformation of development momentum, implementation subjects, investment driving forces, financing models, and spatial operations.
Only through such transformation can we better promote the sustainable development of cities and realize the long-term benefits of urban renewal.
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