以下文章来源于TOP创新区研究院 ，作者趋势观察组 TOP创新区研究院 . 创新区研究，就在TOP研究院。TOP研究院专注于全球创新区的一体化研究，从Talent(个人), Organization(组织), Place(区域)三大维度出发，通过"研究/连接/分享"，探索中国创新区的实践路径。 来源丨TOP创新区研究院（ID： TOP_Lab ） 作者丨趋势研究院 图源丨midjourney "只收梦想，不收租金！" 最近半年内，一股"0租金"产业园风潮席卷全国。地方国资纷纷拿出压箱底的优质物业，向特定的科 技企业敞开大门，免租期从两年、三年甚至长达五年，比如—— 广州： 堪称"最大手笔"，2025年7月， 开发区、黄埔区 一次性 统筹调配了 15万平方米 的国企产 业空间试点"零租金"，成为目前全国单次供应规模最大的免租行动。符合条件的企业根据签约年限， 可享受 2至3年 的租金全免。 深圳 ：市国资委统筹了 10万平方米 的市属园区资源，为经过遴选的科创型小微企业提供最长 2年 的免费办公研发场地。不仅如此，南山区还新设立了 5亿元 的战略直投种子基金，并明确项目可允许 100%亏损 ，魄力惊人。 杭州 ...

Core Viewpoint - The emergence of "zero rent" industrial parks across China is a response to macroeconomic pressures, policy shifts, and regional competition, aiming to stimulate innovation and attract emerging industries [10][11][12]. Group 1: Zero Rent Industrial Park Trends - A wave of "zero rent" industrial parks has swept across China, with local governments offering significant rent-free periods to attract technology companies, with some areas providing up to five years of rent exemption [5][7][8]. - Major cities like Guangzhou, Shenzhen, and Hangzhou are leading this trend, with Guangzhou's Huangpu district offering 15,000 square meters of state-owned space rent-free, marking the largest single supply of rent-free space in the country [11][12]. Group 2: Underlying Factors - The "zero rent" phenomenon is driven by three main forces: macroeconomic challenges post-pandemic, a shift in policy focus away from land finance, and intense regional competition among cities to attract high-quality projects and talent [11][12]. - Local governments are adapting to tighter budgets and regulatory changes by seeking new, compliant support tools, such as rent exemptions and investment sharing, to stimulate growth [12]. Group 3: Operational Model Transformation - The operational model of industrial parks is evolving, with state-owned enterprises (SOEs) taking the lead in offering zero rent, allowing them to absorb short-term losses for long-term strategic benefits [14][15]. - SOEs are transitioning from traditional landlords to partners that share risks and rewards with tenant companies, focusing on long-term industry development rather than immediate rental income [15][16]. Group 4: Services Offered by Zero Rent Parks - New "zero rent" parks are positioning themselves as comprehensive service providers, offering financial services, application testing environments, talent support, and one-stop administrative services to enhance the growth of tenant companies [16][17]. - These parks aim to create a robust ecosystem that supports startups through various stages of development, from seed funding to market entry [16]. Group 5: Eligibility and Strategic Focus - Access to "zero rent" benefits is highly selective, targeting strategic emerging industries and high-growth potential companies, while traditional low-value industries are largely excluded [18][19]. - The selection criteria emphasize high-tech firms, "little giants," unicorns, and teams led by industry leaders, ensuring that only the most promising projects receive support [18]. Group 6: Economic and Social Impact - The short-term financial sacrifice of rent income by governments is viewed as an investment in future tax revenue, job creation, and innovation, with historical examples demonstrating the long-term benefits of such policies [21][22]. - The clustering of high-quality projects is expected to generate significant synergies and innovation ecosystems, enhancing the overall economic landscape [22]. Group 7: Challenges and Future Outlook - The sustainability of the "zero rent" model raises concerns about financial viability and potential market distortions, with some parks facing high vacancy rates and the risk of attracting transient companies [22][24]. - The shift from a landlord mentality to a partnership approach represents a significant evolution in China's industrial policy, focusing on long-term collaboration and ecosystem development [24][25].

Core Viewpoint - The "0 rent" industrial park trend represents a shift from short-term rental income to long-term value creation, focusing on output, market capitalization, tax revenue, and equity [5][21]. Group 1: Reasons for the Emergence of "0 Rent" - The emergence of "0 rent" industrial parks is driven by macroeconomic pressures, policy shifts, and regional competition [9][10]. - Economic recovery post-pandemic is challenging, with traditional industries struggling, prompting local governments to adopt "0 rent" as a stimulus to lower survival costs for startups [9]. - Policy changes, including the decline of land finance and new regulations, have necessitated the search for compliant support tools, leading to the adoption of "0 rent" as a new investment attraction strategy [10]. - Intense competition among cities for high-quality projects and talent has resulted in extended rent-free periods and larger areas being offered [10]. Group 2: Transformation of Industrial Park Operations - The "0 rent" model is not merely about waiving rent; it signifies a transformation in the operational model of industrial parks, with state-owned enterprises taking the lead [12]. - State-owned parks can afford short-term rent losses for long-term strategic benefits, while private developers are less likely to offer comprehensive rent waivers [12]. - The new model involves a dual approach of "park + capital," where state-owned enterprises act as both landlords and investors, sharing risks and rewards with tenant companies [13]. Group 3: Eligibility for "0 Rent" Benefits - Access to "0 rent" benefits is not universal; high entry barriers ensure that only strategically aligned and high-potential companies qualify [16]. - Target industries are focused on strategic emerging sectors, with traditional and low-value industries largely excluded [16][17]. - The selection process prioritizes high-tech firms, "little giants," unicorns, and winners of innovation competitions, ensuring that only the most promising companies benefit [16]. Group 4: Economic and Social Implications - The short-term loss of rental income is viewed as an investment in future tax revenue, job creation, and innovation, with historical examples demonstrating long-term gains [19]. - The clustering of high-quality projects can generate significant ecosystem benefits, enhancing regional competitiveness [20]. - However, risks include financial sustainability for park operators, potential market oversaturation, and the possibility of policy exploitation by transient companies [20]. Group 5: Conclusion on the "0 Rent" Model - The "0 rent" initiative marks a significant evolution in China's industrial policy, transitioning from broad support to targeted, long-term partnerships with businesses [21]. - The success of this model will depend on the ability of local governments and state-owned enterprises to manage financial risks and ensure quality project selection [21].

Core Viewpoint - The article discusses the recent trend of "zero rent" industrial parks in China, highlighting the motivations behind this phenomenon, including macroeconomic pressures, policy shifts, and regional competition [4][7][9]. Group 1: Reasons for the Emergence of "Zero Rent" - The rise of "zero rent" industrial parks is attributed to the challenges of economic recovery post-pandemic, where local governments face dual pressures of stabilizing growth and promoting innovation [10][11]. - Policy changes, such as the decline of land finance and the introduction of regulations against unfair competition, have prompted local governments to seek new, compliant support tools [12][13]. - Intense regional competition among major cities like Guangzhou, Shenzhen, and Hangzhou has led to aggressive "zero rent" initiatives to attract high-quality projects and talent [15]. Group 2: New Operational Models - The "zero rent" model is not merely about waiving rent; it signifies a transformation in the operational model of industrial parks, where state-owned enterprises (SOEs) take on roles beyond traditional landlords [17][18]. - SOEs are increasingly acting as both landlords and investors, providing capital support through venture funds and equity investments, thus aligning their interests with the success of tenant companies [20][21]. - The relationship between parks and enterprises is evolving into a partnership model, where the success of the enterprise directly benefits the park [22]. Group 3: Eligibility for "Zero Rent" Benefits - Access to "zero rent" benefits is highly selective, focusing on strategic emerging industries and high-growth potential companies, while traditional and low-value industries are largely excluded [29][30]. - The selection criteria for companies include high-tech firms, "little giants," unicorns, and winners of innovation competitions, ensuring that only the most promising enterprises benefit from these policies [31][33]. Group 4: Economic Assessment - The short-term economic impact of "zero rent" policies is positive, attracting numerous companies and significantly reducing their operational costs, which can lead to job creation and innovation [36][37]. - Long-term, the government aims to recoup lost rental income through increased tax revenue and job creation as these companies grow, with historical examples demonstrating the potential for substantial returns on such investments [39][40]. Group 5: Challenges and Future Outlook - The "zero rent" model faces challenges, including financial sustainability for park operators and the risk of creating "ghost towns" if companies fail to establish a competitive edge [41][42]. - The evolution of this model represents a significant shift in China's industrial policy, moving towards a more integrated approach that combines space, capital, and services to foster innovation ecosystems [44][46].