Spatial Assets Value Extraction and Integrated Utilization of Old Communities: Case of Central Guangzhou, China
Round 1
Reviewer 1 Report
Comments and Suggestions for AuthorsIn the renewal of old communities, it is very important to comprehensively utilize the space of the old community to extract economic value, encourage independent participation of enterprises and residents, and reduce dependence on government leadership and financial investment. The article starts from the active perspective of spatial assets, constructs a value activation framework for old community spatial assets, and proposes five value extraction methods and overall project utilization paths under the guidance of dynamic "cost-benefit" balance. The article uses multi-source data to determine the spatial assets of old communities in the center of Guangzhou city, and applies market comparison method for economic value evaluation. Suggestions and strategies are proposed for the time and project portfolio of regeneration work. Overall, the article has a reasonable structure, clear thinking, appropriate application methods, and reliable conclusions. The article can be further improved in the following aspects.
1. The literature review in the introduction section is insufficient. It is recommended to extensively collect relevant literature to enrich the content of this section.
2. Section 2.3.1 did not summarize the spatial distribution pattern characteristics of various spatial facilities and their economic value in the old community.
3. In the discussion section, it is suggested to further evaluate the rationality and applicability of the spatial asset value activation framework proposed in the article.
Author Response
Dear reviewer:
We feel great thanks for your precious comments and professional advice for our manuscript, which are all valuable and helpful for improving our manuscript. According to your nice suggestions, we have made extensive corrections to our previous draft, the detailed corrections are listed in the revised version, and the point-by-point responses are listed below.
Thank you very much for your attention and time. If there are any other modifications we could make, we will try our best to further improve the manuscript.
Sincerely.
Comments 1: The literature review in the introduction section is insufficient. It is recommended to extensively collect relevant literature to enrich the content of this section.
Response 1：We agree with your comment and have extensively collected relevant literatures to enrich the content of the second paragraph of section 1. Introduction.
The original literature mainly focused on the research of Chinese scholars. This time, we focused on supplementing 13 highly cited international studies on financial evaluation and management of urban regeneration projects, including: 9 studies on financial models, including economic multi-criteria analysis model from Nesticò, A, private entities charge appraisal model from Calabrò, F, financial feasibility evaluation model from Tajani, F, and 4 studies on practices in the UK, the US, South Korea, etc. We also focused on identifying research gaps and concluded that existing studies all emphasized economic calculations themselves, but paid less attention to spatial utilization methods, and lacked the combination of financial models and renewal methods.
Comments 2: Section 2.3.1 did not summarize the spatial distribution pattern characteristics of various spatial facilities and their economic value in the old community.
Response 2：We agree with your comment and have added spatial distribution pattern characteristics of various spatial facilities and their economic value in the old community in section 3.1. Economic Potential of Spatial Assets in Old Communities.
About spatial distribution pattern characteristics of various spatial facilities, we further summarize the distribution characteristics of six types of spatial assets in Guangzhou’s central urban area and describe them one by one in the first paragraph. â‘ As for idle facilities, they are evenly distributed in the central urban area. â‘¡ As for idle space, in Liwan District, the core area of the old city where space resources are scarce, there is almost no idle space. And the overall distribution characteristic of idle space is that the farther away from the core of the old city, the larger the scale. â‘¢ As for business facilities, they are also evenly distributed in the central urban area. â‘£ As for public housing, they are less common in the old city of Liwan District, and are mainly distributed in the Yuexiu District, which was rapidly developed after the founding of New China. ⑤ As for low-rent housing, they are evenly distributed in the central urban area. â‘¥ As for communities have potential for increased density, they are mainly distributed in the old city of Liwan District with low building height.
About economic value of various spatial facilities, we find that the distribution characteristics of economic value potential are highly correlated with the distribution characteristics of spatial assets. Overall, the sustainable economic benefits of different areas in the central city, including asset excavation, neighborhood operation, tenancy operation models, and property services fee, are distributed relatively evenly. However, the one-time public housing sale and housing expansion and sale models, due to the uneven distribution of spatial assets, show the characteristics of agglomeration in the peripheral areas and core areas of the central city respectively.
Comments 3: In the discussion section, it is suggested to further evaluate the rationality and applicability of the spatial asset value activation framework proposed in the article.
Response 3：Thank you very much for your thoughtful consideration. We further evaluate the rationality and applicability of our framework in the section of 4.1 discussion, 4.1. Research Reflection.
From the term of rationality, we think it is supported by three aspects. First, the "cost-revenue" framework adopted by the research is a mature and concise financial standard in the research and practice of urban regeneration. Second, the five regeneration models of old community sorted out in the study have been successfully applied and gradually expanded in other cities in China. In addition, the study fully considers the actual conditions of the old communities in Guangzhou, such as building quality, volume ratio, community type, location conditions, and planning guidelines.
From the term of applicability, we think it is because Guangzhou's old communities include various types such as urban villages, commercial housing, and public housing, covering all types of old communities in other cities in China, and the basic data such as rents, housing prices, and planning involved in the study can be obtained through public channels.
Reviewer 2 Report
Comments and Suggestions for AuthorsThe article is dedicated to the important and relevant topic and has the potential for an international audience deeply resonating with the journal profile. The article is based on the rich analysis of multi-source data, well written and structured. Authors developed an innovative framework for value extraction, balancing internal and external factors to enhance economic value; suggested practical solutions and actionable steps for implementing community regeneration projects. I don’t see much room for improvement since the submitted version is a good enough to be accepted for publication with really minor suggestions and discussion points indicated below:
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The goal and objectives of the study are not outlined from the very beginning and alongside a rather broad title might be confusing for the reader.
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More emphasis on real-world case studies showing enterprise and resident involvement could strengthen its practical applicability. In general, more concrete examples could enhance clarity of the paper for international readers.
Technical comments to address:
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Line 241: "inclduing" should be including
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Figure 8: text on the bar chart is not readable (lines 403 - 404)
- Figure Number: The second Figure 8 should be labeled Figure 9 (lines 436 - 437)
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Author Response
Dear reviewer:
We feel great thanks for your precious comments and professional advice for our manuscript, which are all valuable and helpful for improving our manuscript. According to your nice suggestions, we have made extensive corrections to our previous draft, the detailed corrections are listed in the revised version, and the point-by-point responses are listed below.
Thank you very much for your attention and time. If there are any other modifications we could make, we will try our best to further improve the manuscript.
Sincerely.
Comments 1: The goal and objectives of the study are not outlined from the very beginning and alongside a rather broad title might be confusing for the reader.
Response 1： We are grateful for the suggestion. and re-wrote the introduction section and the title in the revised manuscript.
As for the section of 1. Introduction, we abbreviate the first paragraph and put forward the key points of this study at the end of the first paragraph, “Since old communities often have small-scale, scattered spatial assets, their potential can only be fully realized through large-scale, integrated utilization and orderly planning. Therefore, it is essential to set up a framework of economic value extraction and coordinated utilization of old community regeneration from a macro-scale perspective”.
As for the title, we modify it to “Spatial Assets Value Extraction and Integrated Utilization of Old Communities: Case of Central Guangzhou, China” from “Value Extraction and Integrated Utilization of Spatial Assets in Old Communities Regeneration: A Case Study of Central Guangzhou, China” to make it more prominent and concise.
Comments 2: More emphasis on real-world case studies showing enterprise and resident involvement could strengthen its practical applicability. In general, more concrete examples could enhance clarity of the paper for international readers.
Response 2： Thank you very much for your very illuminating suggestions. We added 5 renowned cases from Beijing, Shanghai and Hangzhou in section 2.2.3.
In the second paragraph section 2.2.3, we further describe the core innovations of the 5 cases to support the 5 approaches, including Beijing's Jinsong community, Zhenwumiao community and Guangminglou 17, Guangzhou Liuyun Community and Zhegong New Village in Hangzhou.
In addition, we add Figure 3, which shows the photos of the 5 cases before and after the renovation, so that readers can understand the actual cases more intuitively and vividly.
Comments 3: Technical comments to address:
Line 241: "inclduing" should be including
Figure 8: text on the bar chart is not readable (lines 403 - 404)
Figure Number: The second Figure 8 should be labeled Figure 9 (lines 436 - 437)
Response 3：We apologize for the mistakes in the original manuscript and thank you very much for your meticulous review.
We corrected all the mistakes one by one in the revised version. We also checked the other parts carefully to make sure there were no errors.
Reviewer 3 Report
Comments and Suggestions for AuthorsThe study is theoretically well-founded.
It contains several ideas that could serve as references for the methodology of similar research in other works.
The introduction effectively highlights the research gap.
The methodology is well-presented, adequately supported, and appropriately chosen for the investigation of the research question.
The results are clearly presented.
The conclusions are based on the research findings.
I would like to take this opportunity to congratulate the authors.
Author Response
Dear reviewer:
Thank you very much for your positive comments. We feel great thanks for your attention and time. If there are any other modifications we could make, we will try our best to further improve the manuscript.
Sincerely.
Reviewer 4 Report
Comments and Suggestions for AuthorsThis paper attempts to explore the economic value of spatial assets in the renewal of old communities in Guangzhou from a quantitative perspective, and proposes relevant policy recommendations accordingly. This paper is very interesting for the value assessment of space assets, especially for evaluating various types of space assets using multi-source data. The selection of indicators is appropriate and the methods are feasible.
There are several suggested modifications as follows:
1. The "cost revenue" balance approach used in the paper seems to be a method created by the author themselves, and further explanation is needed to justify the rationale for choosing this method.
2. The urban renewal financing model in the paper is mainly proposed based on the characteristics of Chinese cities. Please explain the universality of this method for foreign cities, which is also a potential innovation point of this paper.
3. The renewal of old communities is like two sides of a coin. While promoting the development of spatial assets in old communities, it may also bring about concerns about gentrification. The author can add in the discussion section how to avoid or mitigate issues such as indigenous displacement and spatial inequality that may arise from gentrification.
Comments on the Quality of English LanguageThe expression of some sentences can be more concise.
Author Response
Dear reviewer:
We feel great thanks for your precious comments and professional advice for our manuscript, which are all valuable and helpful for improving our manuscript. According to your nice suggestions, we have made extensive corrections to our previous draft, the detailed corrections are listed in the revised version, and the point-by-point responses are listed below.
Thank you very much for your attention and time. If there are any other modifications we could make, we will try our best to further improve the manuscript.
Sincerely.
Comments 1: The "cost revenue" balance approach used in the paper seems to be a method created by the author themselves, and further explanation is needed to justify the rationale for choosing this method.
Response 1： We are very grateful for your suggestion and focused on supplementing the literature review in the section of 1. Introduction to justify the "cost revenue" balance approach in this study.
To be more specific,, we focused on supplementing 13 highly cited international studies on financial evaluation and management of urban regeneration projects, including: 9 studies on financial models, including economic multi-criteria analysis model from Nesticò, A, private entities charge appraisal model from Calabrò, F, financial feasibility evaluation model from Tajani, F, and 4 studies on practices in the UK, the US, South Korea, etc. From these studies, we find that the revenue of regeneration projects are greater than their cost is always the simplest, clearest and most basic standard in various financial models. We also focused on identifying research gaps and concluded that existing studies all emphasized economic calculations themselves, but paid less attention to spatial utilization methods, and lacked the combination of financial models and renewal methods.
Comments 2: The urban renewal financing model in the paper is mainly proposed based on the characteristics of Chinese cities. Please explain the universality of this method for foreign cities, which is also a potential innovation point of this paper.
Response 2： Thank you very much for your valuable suggestions. We further explained in the second paragraph of section 4.1. Research Reflection that this study can be well applied to the research of other cities.
Because Guangzhou's old communities include various types such as urban villages, commercial housing, and public housing, covering all types of old communities in other cities in China or some foreign cities, and the basic data such as rents, housing prices, and planning involved in the study can be obtained through public channels. For the study of foreign cities, the "cost revenue" balance approach proposed in this study is still applicable, However, for the identification of spatial assets, it is necessary to select an appropriate method based on the definition of old residential areas in foreign countries, data accuracy and type, etc.
Comments 3: The renewal of old communities is like two sides of a coin. While promoting the development of spatial assets in old communities, it may also bring about concerns about gentrification. The author can add in the discussion section how to avoid or mitigate issues such as indigenous displacement and spatial inequality that may arise from gentrification.
Response 3： We very much appreciate your suggestions on the issue of gentrification and further add the third paragraph in section 4.1. Research Reflection.
Gentrification and displacement of low-income group is also a trap that should be avoided in old communities. Therefore, even though the renovation methods proposed in this study have successful experience, in the practice of Guangzhou and other cities, enterprises and governments should still fully consider the actual situation and immediate needs of community residents and carefully choose the renovation method. First, the renewal willingness of community residents should be fully respected. For example, in the tenancy operation model, residents should voluntarily choose whether to rent their homes to enterprises, and choose the lease term on the basis of equal negotiation to avoid high-premium housing being monopolized by enterprises, resulting in skyrocketing rents and losses of interests of original homeowners and tenants. Second, the payment ability of community residents should be fully considered. For example, in the asset excavation model and the neighborhood operation model, the use charges of the renovated facilities and services should be within the acceptable range of residents to avoid them moving away because they cannot afford the use fees. Furthermore, the government should carry out appropriate planning intervention and policy guidance. For example, public housing plays a large role in protecting the housing rights of low-income groups. Therefore, in the public housing sale model, some public housing should be retained based on comprehensive location conditions and the needs of residents in different communities, rather than all of them being renovated and sold.
Comments 4: Comments on the Quality of English Language. The expression of some sentences can be more concise.
Response4：Thank you very much for your thoughtful consideration. and content.
In order to meet the publication standard, we further improved the language and invited a friend who is a native English speaker to help polish our manuscript to make it a more academic style.
