China is becoming increasingly urbanized, and residential land in first-tier cities (Beijing, Shanghai, Guangzhou, and Shenzhen) is gradually decreasing to the extent that housing prices are progressively rising. Therefore, the government has gradually been engaged in urban redevelopment, with the purpose of redeveloping the old cities, the urban villages, and the old factories in the urban centers, and providing a living environment for the residents living in the urban centers, thus providing more land for housing and controlling the rapid rise of housing prices. However, there are different policies for urban redevelopment in each region. The participation of government and public-owned enterprises resulted in low involvement of private-owned enterprises and slow progress of urban redevelopment in recent years. Based on the development process of urban redevelopment and the policy analysis, this paper will present relevant suggestions on how to better promote urban redevelopment in the face of the current policy environment.