This paper discusses the production of Fengle land readjustment area through the context of urban policy in the first. Then retracing the Fengle land readjustment area's developing process by the data of population, built-up area and estate development. Finally, through the depth-interview, discussing the Utopian ideal which is contained in the production of space in Fengle land readjustment area and how to accumulating capital by production of space. We found that, during the production in Fengle land readjustment area, planners provide an ideal of promoting living quality and attempt to develop more fairly. Nevertheless, under the economic logic of spatial capital pursuing more accumulation of capital, Fengle land readjustment area becomes a space which excludes the poor gradually, and pursuing fair system becomes a guarantee to landowners and syndicates.