价值捕获与财富转移——城市更新的底层财务逻辑  

Value Capture and Transfer of Wealth: The Underlying Financial Logic of UrbanRenewal

作　　者：赵燕菁[1,2] 沈洁 ZHAO Yanjing;SHEN Jie

机构地区：[1]厦门大学建筑与土木工程学院 [2]中国城市规划学会

出　　处：《城市规划学刊》2023年第5期20-28,共9页Urban Planning Forum

摘　　要：城市更新采用什么样的财务解决方案,决定了更新的模式。“中国房地产市场供求关系发生重大变化”,房地产黄金时代的终结决定了过去屡试不爽的土地融资工具不能再用来解决城市更新资金来源的问题。通过“增容”为城市更新融资的传统模式,本质是对公共财富的透支和转移,隐藏着巨大的财务陷阱。正确的城市更新必须引入业主的资产负债表,以自主更新作为城市更新的主要模式。为此,土地的收费模式、物业处置权结构和相关的审批规则都必须进行修正和改变。The financial strategy adopted for urban renewal determines the approach to renewal.The significant change in the supply and demand relationship in the Chi-nese real estate market,coupled with the end of the golden era of real estate,has rendered the conventional land financing tools ineffective for addressing funding chal-lenges in urban renewal.The old approach to financing urban renewal through"ca-pacity expansion"is essentially an overdraft and transfer of public wealth,posing huge and hidden financial risks.Effective urban renewal models must take into con-sideration the owner's balance sheet and emphasize autonomous renewal as the pri-mary approach.Consequently,the methods of land pricing,the structure of property disposal rights,and the rules of planning review and approval must be revised.

关 键 词：城市更新 资产负债表 城市转型 

分 类 号：TU984[建筑科学—城市规划与设计]