With the reality of limited land resources, urban renewal is taken to use the developed land. However, it is hardly deal with the complex relationships of rights, interest sharing and stakeholders in the redevelopment of constructed land. Hence, the study on the allocation of the rights and interests in Shenzhen during the process of existed construction land re-development is essential and would provide potential planning efforts for the city's urban renewal strategies. By analyzing the micro-mechanism of the formation and allocation of incomes in the case of Gangxia Heyuan Area based on cooperation game and Shapley value theory, the paper reveals that union revenues are made by space capital, public capital and reconstruction funds from government, companies or famers. Under the Urban Renewal Police in Shenzhen, there is a consensus in the coordination, stakeholders are agreed to re-construct the relationship of rights and incomes through the renewal strategies of the physical space. It is the foundation of the renewal union which is consisted by spatial capital, public capital and renewal funds, rather than the government, land development companies or famers. Although there are different ways to share revenues, the Shapley value is appropriate for the paper with the axiomatization of the principle of fairness, justice, rationality and effectiveness.