Central Place Theory is a pivotal framework for exploring the scale and distribution of towns in geographical spaces, primarily considering the factor of distance. However, with the progressive advancement of information and communications technology (ICT), the impact of distance has been diminishing, raising questions about the applicability of this theory. Firstly, this paper reviews the changes in research and application of Central Place Theory before and after the advent of the ICT era. The review indicates that: the subjects and academic fields of study have become more diverse and multifaceted; distance is no longer the sole influencing factor for central places; a combination of various research methodologies is being employed, focusing on dynamic changes. Furthermore, recent studies suggest that while the concept of “center” is gradually fading and the dimensions and scales explored by Central Place Theory are somewhat limited, the theory still holds relevance in regional studies and under specific conditions. Finally, this paper proposes future research prospects for the theory in the realms of urban resilience, reassessment of distance elements, and virtual central places. It concludes by summarizing the historical development patterns of the theory and reflects on the need for urban science research to focus more on the issues themselves, reducing reliance on tools.

Virtual agglomeration refers to the spatial concentration of virtual elements, and spatial attribution is the inherent attribution of agglomeration. Virtual elements are usually non-daily life information flows, mainly including information f lows based on productive transactions and those based on interests and significant social events. Virtual agglomeration is a continuous encryption process of virtual elements in specific physical spaces or virtual spaces. Physical places, virtual places and digital places are the main places where virtual agglomeration occurs, and the interaction process between physical and virtual spaces thus forms more diverse and complex types. Through the definition and classification of places and virtual agglomeration, as well as the empirical study of the interaction process between physical and virtual spaces, a unified and more explanatory theoretical framework has been formed, laying the foundation for further research on new urban and rural spaces.

Information and communication technology has profoundly changed the logic of urban spatial organization and nurtured a series of new spaces. But there is a lack of systematic and detailed theoretical explanations for this phenomenon. This paper, grounded in the space of flows, proposes a perspective of integrated flows of virtual and physical elements, arguing that the respective advantages of virtual and physical spaces form the basis for their integrated flows. In this process of integration, the virtuality has an empowering and derivative effect on the reality; The reality generates materialization and ontological effects on the virtuality. Virtual and physical elements, existing in two distinct spatial dimensions, should undergo transformation to couple and complete the loop of activities. From the perspective of integrated flows, this paper defines the subjects of this flow as virtual-physical substances, services, communications, and people that are mutually mapped in both virtual and physical spaces. It explores two modes of conversion: from physical to virtual and from virtual to physical, with the latter is more likely to stimulate the creation of new spaces and places. The transformation and connection of virtual and physical elements will give rise to hybrid conversion spaces, which serve as hubs for the concentration of access and egress between virtual and physical spaces, and interprets a series of typical cases. Finally, the paper summarizes a series of changes in physical spaces caused by these hybrid conversion, including hybrid conversion locations, hybrid conversion centers, as well as the trends of discretization, flattening, and unit miniaturization of urban-rural spatial structure, thus demonstrating the practical utility of this perspective. The research findings contribute to enriching and deepening the understanding of the interaction mechanisms between virtual and physical spaces in the information age, providing a holistic explanation for the emergence of new spaces, and grasping future changes in urban and rural spaces, thus holding theoretical value.

This paper focuses on the urban regeneration in historical cities, constructing a financial analysis model to examine the mechanism by which virtualphysical interactions influence the asset operation and financial balance of regeneration projects. Firstly, based on field observation, public information, and interviews, this paper completes an event system analysis of Changsha Chaozong Street Regeneration Project, analyzing the process and mechanisms of urban regeneration with virtual-physical interactions during both its redevelopment phase and operational phase. Secondly, utilizing balance sheets and income statements, the study conducts an in-depth analysis of the asset operation and financial status of various stakeholders (platform companies, operating companies, individual businesses, and residents). These findings reveal that: (1) during the operational phase, the surge in popularity-driven commercial vitality led to a significant increase in property rental income, capturing the so-called “popularity rent gap” before and after regeneration is crucial for achieving overall financial balance; (2) with the platform company in Chaozong Street Regeneration Project bore debt repayment pressure, while the operating company shouldered marketing burden, an imbalance in rent allocation among multiple public-private entities is requiring adjustment; (3) to ensure sustainable property operation and maintain popularity momentum, this paper recommends adopting the “Business Improvement District” and imposing a “special tax”, capturing part of the popularity rent gap to compensate for the platform company’s initial investment and balance the operating company's marketing costs.