Value Extraction and Integrated Utilization of Spatial Assets in Old Communities Regeneration: A Case Study of Central Guangzhou, China

Extracting the economic value by integrated utilization of space in old communities is crucial for encouraging independent participation from enterprises and residents, reducing reliance on government leadership and fiscal investment. This study starts from the active perspective of spatial assets, constructs a value activation framework for old community spatial assets by balancing "endogenous demand" and "exogenous opportunities." By enhancing "economic value" through "use value," five methods for value extraction and overall project utilization paths are proposed, guided by a dynamic "cost-revenue" balance. Using multi-source data, we identify the spatial assets of 1,096 old communities in central Guangzhou and apply a market comparison method for economic value assessment. Additionally, the study offers recommendations on timing and project portfolios for regeneration efforts, along with strategies for establishing a coordinating implementation entity and fund account. This research provides strategic insights for advancing the regeneration of old communities by tapping into their macro-level economic potential.