Core Viewpoint - A large-scale urban renewal project is underway in the Honglou area of Licheng District, Jinan, focusing on "intrinsic development" rather than extensive land development, aiming to optimize existing resources and improve urban efficiency and public space quality [1] Group 1: Residents' Perspective - The urban renewal allows long-term residents like 74-year-old Song Yuzhi to move from old, inadequate housing to more spacious and modern accommodations, receiving compensation of 1.7 million yuan for her old home [2] - The compensation scheme includes a combination of monetary compensation and asset replacement, ensuring that community members can benefit from the urban renewal [2] Group 2: Developers' Perspective - Developers face high demolition costs in densely populated areas like Honglou, and the financial viability of projects is a significant concern, with initial calculations indicating severe cost overruns [4][5] - The Licheng District is adopting a "four-level linkage" model for urban renewal, balancing short-term and long-term financial outcomes through systematic resource allocation and integrated development [5][6] Group 3: Government's Perspective - The government emphasizes the importance of balancing economic and social benefits throughout the urban renewal process, addressing issues such as aging infrastructure and lack of community facilities in older neighborhoods [9] - Innovative financing models, including partnerships with state-owned enterprises, are being utilized to attract social capital for urban renewal projects [7] Group 4: Future Development - The urban renewal project aims to enhance the city's capacity and quality, with a focus on integrating cultural heritage and modern urban design, ultimately creating a vibrant and livable environment [10] - The Honglou area is set to become a model for comprehensive urban development, with plans for various commercial and cultural establishments to enhance the local economy [6][10]