The geographies of public-private partnership (PPP) are an important but neglected topic in urban development and planning. Few existing studies have explored the spatial heterogeneity of PPP development in different regions within a country. This article aims to explore the impact of uneven regional development on PPP development and spatial governance for PPPs as a response. First, the concept of variegated PPPs is proposed to portray and analyze the impact of uneven regional development on PPPs from the dimensions of complexity, regional differences, and the spatialization of policy based on China. Second, a conceptual framework is constructed for PPP spatial governance as a response that includes the actors, driving forces, processes, patterns, and regulations. Finally, the underlying mechanism and implications of PPP spatial governance are discussed. This article concludes that spatial governance is conducive to the development of PPPs in developing countries and promotes the performance of PPPs and policymaking. When formulating and adjusting PPP-related policies, governments from developing countries should tailor the policies to their national conditions and consider regional differences inside a country. Therefore, this article might have reference value for other countries, especially developing countries with rapid urbanization.