Guangdong was the pilot province in China to be chosen for an experiment with a special policy about the stock land reconstruction. The policy which means “Three-Old（old factory building，old village and old town）” reconstruction has got great achievements in Guangdong. This paper analyzes the main problems that “Three-Old” reconstruction and urban renewal carried out in Guangzhou. It suggests to improve “Three-Old” reconstruction and urban renewal by building up a sharing system for property right information，strengthening to balance the economic efficiency and social benefits，improving the rules through the transitional period，solving the problems by history，adjusting the mechanism of benefit distribution，widening the capital source and so on.