Urban Renewal Policy Of Guangzhou From The Perspective Of Residual Control Rights

At present, the limited land resources in our country make the urban land use face the grim situation of supply and demand contradiction, and the time when expansion can rely on the increment of land has gone forever. Accordingly, under the policy guidance of urban land conservation and intensive use, the connotation type development has become the fundamental way to ease the contradiction between supply and demand and guarantee the sustainable and healthy development of the city. Urban renewal, as an important way to renew the connotation of the old urban space, has produced a great amount of land value increment. The income distribution of land value increment from land redevelopment has thus become the focus of contradictions. Urban renewal policy, as the key tool for government to adjust the allocation of land rights and distribution of interests among stakeholders, is an important means for the government to lead interest distribution and get land revenue in the city renewal process. How to rationally distrib ute the income of land value increment among the main stakeholders, promote the effective development of urban renewal and realize the efficient use of land, has become one of the important research topics of urban renewal management in China.Combing literatures of urban renewal policy and governance, land property rights and residual control/claim rights, this article designs conceptual model and puts forward research hypothesis on the basis of modern property rights theory, residual control rights/claim theory and urban renewal theory. Referring land property management experience of the urban renewal in other countries(regions), the article summarizes the urban renewal development process and the implementation status of Guangzhou city. Then from the perspective of residual control rights, combined with case study of Guangzhou urban renewal policies, this article sums up existing problems and put forward countermeasures and suggestions in the urban renewal land residual control rights al ocation.The study found that in the process of urban renewal policy formulation, the government, developers and original owners of property play a series of the game for the land value increment income, and they are actually competing on the residual rights of control. Taking advantage of its leading role, the government constantly adjusts the urban renewal policy, in order to grasp more residual control rights/claim, thus obtaining more land revenue. But in fact, when the government grasp the residual rights of control/c laim, the city renewal process is inefficient. Urban renewal efficiency can be ensured only when market players grasp the residual control and obtain the residual income. In addition, prohibiting or restricting the involvement of developers can not protect public interests effectively, the government should make the development behavior of the main body of the market approach public interests through policy guidance and planning control, instead of reclaiming the residual rights of control. In this paper, the theory of residual control rights in corporate governance is transplanted to the urban renewal governance to explore new tools and new ways of policy research. Since few scholars have focused on the policy research of urban renewal from the perspective of residual control right, the information available for reference is limited, the countermeasures and suggestions put forward in this paper need to be tested by practice.