The rise in aging world populations poses enormous concerns, among which is the critical topic of how to promote active aging by improving the health and well-being of the elderly. Accordingly, installing elevators in old residential buildings has become a main issue in age-friendly community regeneration to make it easier for the elderly to go outside. There is limited evidence on stakeholder involvement in age-friendly community regeneration. Some studies have overlooked the fact that fostering age-friendly communities in developing countries requires innovative governance for inclusive physical and social features despite the low awareness of citizen engagement. With reference to community governance as a structure and process, a theoretical framework is proposed to understand the practice of elevator installation in age-friendly community regeneration in Guangzhou, China. This study adopted the questionnaire survey method and collected 455 valid samples (150 valid samples with installed elevators; 305 valid samples did not install elevators). The findings led to the following conclusions: (1) shared common interests lead to effective community governance and smooth elevator installation; (2) some communities failed to install elevators due to opposition from people whose interests were hindered; and (3) it is important to set up self-governing organizations and find key people in community governance for interest-based negotiation. This paper’s contribution is that it makes up for the deficiency in the previous research that has neglected the elderly’s participation in public affairs via age-friendly community regeneration. Finally, this study suggests further research on the dynamic processes of different types of age-friendly community regeneration affairs.