With the development of urbanization entering a new stage, the logic of urban development has also shifted from "incremental expansion" to "stock improvement". Recently, many cities such as Wuhan, Chengdu, and Shenzhen have introduced new urban renewal policies aimed at revitalizing inefficient land use, improving people's livelihoods and well-being, and creating a new model of livable, resilient, and smart cities. Driven by both central financial support and local practical exploration, urban renewal is becoming the core path for building a new model of real estate development. Historical and cultural buildings condense the historical style and cultural heritage of a city, and are an indispensable part of urban renewal. In the warm spring breeze, weeping willows sway over the clear water surface, old courtyards with blue bricks and black tiles are built by the spring, and intangible cultural heritage shops hide among the alleys, with the sound of gurgling springs accompanied by scattered conversations... The charm of "every household has spring water, every household has weeping willows" in old Jinan is presented to the citizens of Jinan and the incoming tourists. We use traditional techniques for protective restoration, preserving the original spatial pattern and street texture, highlighting the unique style of Quancheng residential buildings, and reproducing the unique scenery of 'every household has spring water and every household has weeping poplar trees'. In addition, the surrounding municipal facilities have also been improved - focusing on the list of protected resources for springs, canals, and channels, implementing rainwater and sewage diversion transformation, dredging and dredging projects, etc., to enhance the natural drainage and flood control capacity of the block. ”Zhao Xin, Director of the Urban Renewal Promotion Department of Jinan Housing and Urban Rural Development Bureau, said. It is reported that in recent years, more than 50 traditional courtyards and spring water courtyards have been repaired and protected in Jinan blocks, more than 40 streets and alleys have been restored, and more than 30 spring pools have been renovated and restored. Not only Jinan, but also Tangshan, Hebei, has revitalized idle neighborhoods through urban renewal. As night falls, the once closed Hetou Old Street is now bustling with people and has become an important cultural and tourism landmark in the city. Since 2022, Tangshan City has planned and implemented a total of 2047 urban renewal projects, of which 1472 have been completed. Through the implementation of the "dual pilot" program, local urban renewal has achieved a transformation from emphasizing quantity to emphasizing quality, from single development to financing construction and operation, and from "spatial reproduction" to "scene reconstruction", injecting lasting vitality into urban construction. Yan Yuejin, Vice President of Shanghai E-house Real Estate Research Institute, stated that by 2026, the national urban renewal work will significantly accelerate. In the next five years, China's urban renewal will shift from single function transformation to a new stage of multidimensional coordination and comprehensive upgrading, including improving people's livelihoods, cultural inheritance, ecological optimization, and industrial activation. Urban renewal has undergone a continuous process of transformation and upgrading at the policy level. ”Yan Yuejin stated that the 2024 Central Economic Work Conference will upgrade the wording of urban renewal from "vigorously implementing" to "high-quality promotion". In the same year, 17 cities (prefectures) in Hubei Province renamed the Housing and Urban Rural Development Bureau as the Housing and Urban Renewal Bureau. The change in name reflects a fundamental change in the industry logic - "build" corresponds to incremental expansion, while "change" corresponds to stock improvement. Recently, Wuhan City has issued the "Several Policy Measures to Support Urban Renewal (Second Batch)", introducing new measures in revitalizing existing resources, composite utilization, and speeding up approval processes. For example, supporting the conversion of non residential stock houses into rental housing, and guiding business entities to convert existing idle and inefficient commercial office and hotel stock houses into rental housing. Encourage "industrial upgrading", implement supporting fee reductions, explore long-term operation of public space supporting service facilities, and allow the operation of public space supporting facilities such as parks and youth sports facilities through franchise models, with a term not exceeding 40 years in principle. In addition, we will scientifically utilize the space under the bridge, establish positive and negative lists, reasonably allocate various facilities, achieve functional complementarity and synergy, and turn the "remaining space" of the city into a "golden corner and silver edge". At the same time, many places have provided legal guarantees for urban renewal through legislation. The "Regulations on Urban Renewal in Shanxi Province" came into effect on May 1st this year, clarifying the integration of historical and cultural protection and inheritance into urban renewal, and establishing a pre protection system of "investigation before construction, archaeology before transfer". The Chengdu Urban Renewal Regulations will come into effect on June 1st, requiring research and development of classified disposal plans for historical legacy issues related to the implementation of urban renewal projects, and promoting proper solutions. The "Regulations on Urban Renewal of Ningbo City" focuses on the actual situation of the manufacturing industry, establishes a chapter on "renewal of low efficiency industrial land", encourages "industrial upgrading" and mixed use of functions, and makes provisions for the division and transfer of low efficiency industrial land that meets the conditions, and increases the plot ratio without increasing land prices, injecting momentum into revitalizing existing industrial space. The blueprint is ready, the path is clear. The Outline of the 15th Five Year Plan for Urban Renewal anchors the development direction with quantitative indicators. We will promote high-quality urban renewal by constructing and renovating approximately 200000 kilometers of urban gas pipelines, 175000 kilometers of drainage pipelines, 175000 kilometers of water supply pipelines, 100000 kilometers of sewage pipelines, and 120000 kilometers of heating pipelines, while simultaneously advancing smart transformation. At the same time, about 500000 sets (rooms) of dilapidated houses in urban areas will be renovated, about 115000 old residential areas will be renovated, and about 1500 old block factories will be updated and renovated. From 'large-scale demolition and construction' to 'embroidery skills', urban renewal is responding to people's aspirations for a better life through systematic reshaping. Under the guidance of policies and market resonance, this profound transformation concerning spatial reconstruction, cultural continuity, and industrial leap will undoubtedly provide a solid foundation for the high-quality development of new urbanization. (Looking into the New Era)