Shanghai: The Largest Urban Regeneration Fund in China Landed
Since 2020, with the national 14th Five-Year Plan clearly putting forward the implementation of urban regeneration action, “urban regeneration” was written into the government work report for the first time, and urban regeneration has become the focus of local governments. Currently, Shanghai’s urban development has shifted to a development stage where inventory renewal is the main focus. On Jun. 2, 2021, Gong Zheng, Mayor of Shanghai, pointed out that to widely attract social forces to participate in Shanghai’s urban regeneration, accelerate the balance of funds for urban regeneration, and jointly promote sustainable urban regeneration and development, the Shanghai Urban Regeneration Fund was officially established. The total amount of the Shanghai Urban Regeneration Fund is about 80 billion yuan, which is the largest urban regeneration fund in China. Shanghai Real Estate Group signed a strategic cooperation agreement with Poly Development Holdings, China Merchants Shekou, CCCC Group, Vanke Group, China Life Investment, China Tai Bao, and China Insurance Investment. The fund will be directed to invest in old district renovation and urban regeneration projects to promote Shanghai’s urban function optimization, livelihood protection, quality improvement and landscape protection. The focus of urban regeneration projects has always been on the availability of sufficient financial support. The establishment of Shanghai’s 80 billion yuan urban regeneration fund can correspondingly reduce the financial pressure of the city, guarantee the core project advancement, and create a win-win situation for Shanghai urban regeneration efforts.