Zhao Yanjing

Keywords： Urban Renewal; Statement of Assets and Liabilities; Income Statement; Floor Area Ratio; Urban Economy; Two-stage Growth

Abstract：

China’s urban renewal is carried out in the context of rapid urbanization. In order to expose the financial mechanism behind urban renewal, we divide the process of urban growth into two stages: investment and operation. With the use of the financial statements of a developer, we could see the underlying logic of urban renewal in the two-stage model. The investment stage is actually the process of building balance sheet. The operation stage is the process of maintaining the income statement. The main driver of China’s urban investment stage has been a special mechanism landbased financing. Once the urban transformation enters into the operation stage, financing from new land in the investment stage will hit a capital ceiling. Whether urban renewal can be completed or not will determine the rise and fall of a city. Chinese cities therefore will also see a second “great divergence”since the reform and opening up.

Funds：

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