In addition, the benefit allocation of right-exchange usually depends on its original value, which seems not to determine the value according its contribution. This research attempts to build a mathematical model of land development to explore potential benefits for right-exchange of urban renewal based on the cooperative game theory and Shapley value. The result shows that some problems about the value evaluation before right-exchange can be solved and the balance among different property value evaluation types can be built. Furthermore, the original value of the urban renewal project can be evaluated exactly by using the Shapley value concept.