Core Viewpoint - The article discusses the ongoing transformation of old residential areas in China, highlighting the government's push for comprehensive renovation projects and the challenges faced in funding and execution [4][12][16]. Group 1: Transition from "Need for Renovation" to "Comprehensive Renovation" - The definition of old residential areas is evolving, with the government now including properties built before January 1, 2023, in renovation subsidy programs [2][3]. - The Ministry of Housing and Urban-Rural Development announced that all urban old residential areas built before 2000 will be included in urban renewal projects, indicating a significant expansion of renovation efforts [3][7]. - As of now, nearly 280,000 old residential areas have been renovated, benefiting approximately 120 million residents [7]. Group 2: Challenges in Funding and Execution - The funding for these renovation projects remains a significant challenge, with local governments heavily reliant on land financing, which may deter them from fully renovating old properties [12][14]. - Many renovation projects are funded entirely by local governments, with residents often not contributing financially, leading to difficulties in achieving a collaborative funding model [13][14]. - The reluctance of property developers to engage in these projects is attributed to low profit margins and the complexities involved in coordinating with residents [14][15]. Group 3: Exploring New Possibilities - Cities are actively seeking to attract social capital and encourage residents to contribute financially to renovation projects, moving towards a model of community-driven development [16][19]. - Successful examples of self-funded renovation projects, such as the Zhejiang Gongshang University community, demonstrate the potential for residents to take the lead in funding and executing renovations [20][21]. - The article suggests that innovative approaches, such as bundling projects and integrating community services, could enhance the viability and attractiveness of old residential area renovations [18][19].