Small Park Historic District in Shantou is the result of urbanization under the joint efforts of Chaoshan overseas wage economy relfux and foreign investment in the early 20th century. With the city center drift, its commercial monopoly has been losing, and physical structure and social structure bidirectional are aging. Housing property fragmentation and expected earnings instability has made the space production of local ifnance and capital markets tend to the new district with lower transaction costs, but the old town is locked to the negative cycle. From improving living conditions to pursuing urban land revenue, Small Park District has gone through three stages of transformation: "must attack" type of house reconstruction, "into a iflm supporting" type of residential groups Construction and "major demolition and construction" type of space production. Finally the achievement effect is ift to market interests, so that Small Park District renovation under the auspices of the right and capital has become urban development activities with land beneift as the goal. This article, from the perspective of protective development dilemma of Small Park Historic District, discusses the deep contradictions between protection plan expected and the game of actual development.%汕头小公园历史街区是20世纪初潮汕华侨打工经济回流与外商投资共同推动城市化的结果。随着城市中心漂移，其商业垄断地位渐失，物质结构与社会结构双向老化。房屋产权细碎化，预期收益不稳定，使得地方财政与市场资本的空间生产均趋向交易成本较低的新区，旧城则被负向循环锁定。小公园街区从改善居住条件到追求城市土地收益，经历了“见缝插针”式的独栋危房改造、“成片配套”式的居住组团建设、“大拆大建”式的空间生产三个改造阶段，最终政绩效应与市场利益的契合使小公园街区的改造沦为权力和资本主导下以土地效益为目标的城市开发活动。本文从小公园历史街区保护性开发的困境出发，讨论了保护规划预期与实际开发博弈的深层矛盾。
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