The article highlights the challenges China faces in revitalizing old neighborhoods to stimulate economic growth amidst a property crisis. In Shenzhen, efforts to transform “urban villages” like Paibang into modern residential areas have stalled due to financial difficulties faced by major real estate developers like China Evergrande. The government’s ambition to kick-start construction and spur local economies through such urban renewal projects is hampered by complexities in land ownership, financial instability of developers, and concerns over displacing lower-income residents. Despite policy support and potential investments, the redevelopment process is slow and fraught with challenges, including negotiations with landowners and ensuring affordable housing for migrants and existing residents.

https://www.nytimes.com/2023/11/17/business/china-urban-villages-rebuilding.html