Risk Analysis and Countermeasure Research of Old Residential Renovation Project under PPP Model

China is currently advancing the revitalization of old residential renovation through the Public-Private Partnership (PPP) model, which involves collaborative financing among government, residents, and societal stakeholders. Despite its nascent stage, this study examines 10 significant PPP renovation cases from the past 5 years, focusing on eight critical risk factors from the viewpoints of government, social capital, and financial institutions. This study found that these risks, including insufficient fiscal resources and inadequate government oversight, hinder project progress and operational effectiveness, while low profitability and volatile market dynamics during operations expose stakeholders to potential hidden debt risks. A qualitative analysis of these risks is presented, accompanied by practical recommendations for policymakers. To optimize PPP projects, the government should strengthen institutional frameworks, carefully select partners, and implement comprehensive risk assessments at project initiation, mid-term, and conclusion, ensuring the protection of all parties’ interests.