Idle Land Revitalization through PPP: A Comparative Analysis of Operational Models and Financial Sustainability in East Asian Urban Regeneration

Abstract

: Idle land and brownfield sites constitute a growing urban challenge across East Asian cities confronting post-industrial transition and fiscal constraint. Public–private partnership (PPP) models have emerged as a promising mechanism for revitalizing such sites, yet operational architectures and financial sustainability vary considerably across institutional contexts. This study conducts a comparative analysis of three PPP models deployed in East Asian urban regeneration: China's government-zero-investment BOT model (exemplified by the Shipaili Cultural and Creative Block), Japan's disaster-mitigation community-driven redevelopment model, and Korea's public corporation-led urban regeneration PPP. Drawing on project financial data, institutional analysis, and the Value-for-Money (VFM) framework, the paper compares government investment share (0% to 45%), private IRR (4.3% to 6.5%), payback periods (14 to 18 years), and VFM outcomes. A horizontal four-stage financial sustainability assessment framework—Revenue Streams → Cost Structure → Net Cash Flow → Sustainability Thresholds—is proposed and applied. Findings reveal that operational model selection is primarily institutionally driven, with each model exhibiting distinct sustainability profiles: the Chinese model is viable but fragile, the Japanese model achieves the most balanced risk–return profile, and the Korean model generates the highest absolute VFM but requires the strongest institutional capacity. Policy implications for matching PPP models to local institutional maturity are discussed.