中国城市更新坎坷难行，究竟问题在哪里？

Group 1 - The commercial real estate sector is facing unprecedented challenges due to economic slowdown and weak consumer demand, leading to rising vacancy rates and shrinking rental negotiation space [1][2] - Historical experiences from markets like the US and Japan indicate that commercial real estate is a "slow-moving asset" that typically lags behind macroeconomic recovery, often requiring two years or more to stabilize after an economic downturn [2][3] - In China, the retail and dining sectors are experiencing the slowest recovery, with shopping center vacancy rates nearing 20%, while office buildings and hotels are rebounding faster due to the resumption of business activities [2][3] Group 2 - State-owned enterprises (SOEs) are deemed essential for urban renewal projects due to their ability to handle large-scale funding and long-term investment cycles, providing necessary stability during economic uncertainty [2][3] - The role of SOEs is not seen as excessive intervention but rather as a necessary responsibility to support urban renewal efforts [3] - The operational phase of urban renewal, which is crucial for project success, requires the flexibility and responsiveness of private enterprises, as they can adapt quickly to market changes [4][6] Group 3 - The current slow progress in urban renewal is attributed to misaligned governance structures, where operational teams are often integrated into engineering logic, hindering independent decision-making [7][8] - Data shows that companies like China Resources Land and Longfor Group have demonstrated stable revenue growth and high occupancy rates, indicating the importance of effective operational management in the current market [7][8] - The shift from ROI to NOI and cash flow metrics is necessary for evaluating the viability of projects in the current market environment [11][12] Group 4 - To resolve existing contradictions in urban renewal, adjustments are needed across five levels: organizational independence, administrative management transformation, government coordination, financial evaluation methods, and capability upgrades [8][9][11] - A clear division of responsibilities is essential, with SOEs providing a safety net, private enterprises driving innovation, and government facilitating coordination to enhance overall urban asset efficiency [13]