While specific strategies and action plans, such as community engagement, partnerships, and social networks, have been vastly explored in light of the growing significance of collaborative governance in urban regeneration projects, there is little information on the differences in the perceptions of stakeholders regarding collaborative governance. This study analyzed the differences in the perceptions of local governments, residents, merchants, and urban planners, all participants in the urban regeneration of Nanluoguxiang, China’s representative urban regeneration project. The main results of the study are as follows. First, the perception of participations’ roles and the importance of collaborative governance are significant differences between stakeholders. Second, if they have insufficient knowledge of the functions and significance of other participating groups, diverse conflicts can occur in the process of urban regeneration. Third, since various conflicts between participants could play a crucial role in the delay the urban regeneration projects, urban planners require coordinators and mediators to enable smooth project progress.