将权益市场作为规划转型的主线｜大家谈城市更新④

Core Viewpoint - China's urban development is transitioning from large-scale expansion to a focus on improving existing assets, which will lead to significant changes in land and space governance [1]. Group 1: Urban Development Transition - The shift in urban development mode signifies a need to transform existing urban assets into equity, avoiding the burden of debt from construction [1]. - By 2025, the total value of urban real estate in China is estimated to be between 450 trillion to 500 trillion yuan [1]. Group 2: Steps for Asset Improvement - The first step involves conducting an asset survey to identify and categorize every piece of land and building, analyzing inefficiencies and potential for higher value utilization [2]. - The second step focuses on generating cash flow from these assets, which is essential for standardizing their value and enabling market transactions [2]. - The third step is to create a new equity market for existing assets, which is crucial for local governments to escape debt traps and facilitate the transition to a focus on existing asset quality [3]. Group 3: Role of Planning and Management - The transformation requires planning professionals to not only design but also understand financial implications, marking a significant shift in the planning industry [4]. - Future planning institutions may act like investment banks, identifying undervalued assets and facilitating their entry into the equity market, while resource management departments will oversee transactions and ensure market transparency [3].