On November 21st, the Ministry of Housing and Urban Rural Development held a national conference on promoting urban renewal work (hereinafter referred to as the conference), which pointed out the need to conscientiously implement the "Opinions of the General Office of the Communist Party of China Central Committee and the General Office of the State Council on Continuously Promoting Urban Renewal Action", adapt to local conditions, explore innovation, and focus on planning, funding, operation, and governance. Li Yujia, Deputy Director and Chief Researcher of Guangdong Housing Policy Research Center, analyzed China Net Finance and stated that the meeting mentioned putting efforts into planning, funding, operation, and governance, which is equivalent to fully integrating urban renewal work. According to the plan, deploy uniformly and use the project as the carrier to promote the integrated operation of funds and operations. The project is supported by funding to achieve the goal of revitalizing the stock of the real estate market through urban renewal. The promotion will further enhance the importance of urban renewal work and clarify the key directions for urban renewal in various regions in the next stage. ”Wu Jianqin, the research director of Zhongzhi Research Institute, pointed out that it is conducive to accelerating the introduction of more implementable policies in various regions. China Net Finance found that in 2020, urban renewal was included in the "14th Five Year Plan" "Proposal", proposing to "implement urban renewal actions, promote the optimization of urban spatial structure and quality improvement". The "Proposal" for this year's "15th Five Year Plan" proposes to "vigorously implement urban renewal and build modern people's cities that are innovative, livable, beautiful, resilient, civilized, and intelligent." The research institute believes that the transition from "implementation" to "vigorous implementation" also means that urban renewal has entered a new stage. On November 20th, Zhang Yan, Deputy Director of the Department of Building Energy Conservation and Technology of the Ministry of Housing and Urban Rural Development, stated at the "China Economic Roundtable" that urban renewal should be given a more prominent position, and the "four good" construction of good houses, good communities, good neighborhoods, and good urban areas should be systematically promoted. When it comes to the progress of urban renewal nationwide, Zhang Yan pointed out that currently, 297 prefecture level and above cities and 152 county-level cities have comprehensively carried out urban physical examinations. This year, more than 3 million residential buildings, about 180000 residential areas, more than 30000 communities, and more than 3800 blocks have been inspected, forming a list of problems and rectification suggestions, clarifying the "family background" of cities, and consolidating the foundation of work. Li Yujia stated that the first stage of urban renewal is planning and development, which is currently underway or has already been completed. On this basis, urban physical examinations have been conducted throughout the country. Physical examination is a prerequisite for updates, no updates will be made without physical examination. If problems are found during physical examination, they will be updated to solve them. After the physical examination is completed, the focus will be on promoting fire safety hazards, deficiencies in municipal public facilities, and other aspects in the short term. Urban renewal promotes the real estate industry to shift from "increment" to "stock", and facilitates a smooth transition between new and old models of real estate development. Li Yujia pointed out that the main significance of urban renewal for real estate development lies in shifting from incremental construction to a stock system, which is a shift in the focus of real estate management work. For the real estate market, urban renewal is of great significance in stabilizing the real estate market. The main reason why it is difficult to stabilize the real estate market is that after the existing houses return to the quality of living, the living experience is not guaranteed, resulting in a continuous decline in value. Urban renewal supports residential attributes and experiences, which solidifies the bottom of housing value and promotes the stabilization of the real estate market. For the new model of real estate development, the biggest difference is the shift from increment to stock. By relying on incremental growth to drive the development of the real estate industry, it has shifted towards relying on stock. Through urban renewal, efforts have been made in planning, funding, operation, and governance to achieve financial balance, allowing the real estate industry to continue to grow. After the complete transformation of the real estate development model to the stock system, the entire real estate industry has achieved a smooth transition from old to new models. ”Li Yujia stated. Wu Jianqin stated that the development concept and implementation mode of urban renewal will help promote the development of China's real estate industry towards a more business oriented model, and encourage the industry to pay more attention to asset operation. The participation of real estate companies in urban renewal is also an important part of the process of building new models. (New Society)