Spatial justice refers to social equity in the production of space and the allocation of spatial resources, emphasizing the fairness in the distribution and utilization of spatial resources. In market-based historical and cultural districts, conflicts over the use of space arise among various stakeholders including businesses, residents, and cultural preservationists due to their competing needs and interests. These conflicts often create tensions between development, preservation, and everyday life. This study develops an analytical framework based on spatial production theory to examine the relationships between stakeholders in urban renewal, with a focus on achieving the goal of spatial justice in urban renewal. Using the Thirteen Hongs Historic Block in Guangzhou as a case study, the research draws on historical records, in-depth interviews, and survey data to uncover the root causes of spatial conflicts and the underlying factors and consequences of spatial injustice in market-based historic block. The findings reveal that spatial practices in the Thirteen Hongs Historic Block are shaped by the competing interests of government, market actors, and civil society. The unequal distribution of spatial rights has led to fragmented use of space, resulting in contradictions that hinder the realization of historical, economic, and social values. This spatial injustice stems from an imbalance of power, ineffective rule restructuring, and unequal access to resources. To address these issues, the study proposes a spatial justice-oriented approach to urban renewal. This approach includes three related strategies: a shared governance strategy to rebalance power relationships and achieve social equity, a collaborative governance strategy to ensure procedural fairness and institutional justice, a co-creation strategy to establish resource compensation mechanisms and achieve distributive justice. By integrating these strategies, the study aims to achieve a three-dimensional synergy of "value-procedure-outcome" spatial justice, fostering a more equitable and sustainable urban renewal mode.