As a catalyst for urban landscape transformation, the reuse of heritage sites plays a pivotal role in shaping contemporary urban spaces and influencing socio-economic development. However, this phenomenon is not without controversy, particularly regarding the quality of preservation and the potential risks associated with over-commodification. Consequently, there has been an increasing research focus on reconciling these conflicting aspects. This study employs a multi-value interpretation framework to delve into the reuse of heritage sites in the urban area of Xi’an within the broader context of China’s urbanization. Utilizing a comparative case study method, this research specifically examines the burgeoning phenomenon of heritage parks. This exploration sheds light on how the reuse of heritage intertwines with urbanization processes, by taking into account environmental, economic, social, and cultural values. The findings suggest that a multi-value interpretation framework is crucial to address the limitations of the current heritagization. Heritage sites in Xi’an have been integrated into the urban transformation process through heritage conservation and the production of new heritage spaces. However, the evolving multi-value evaluation of these heritage sites continues to influence the city’s interpretation of its significant and fading past in planning. This study highlights the dynamic nature of heritage sites in the urban context and underscores the need for nuanced approaches to balance heritage preservation with the evolving demands of contemporary urban development.

This article examines the governance transition process from urban entrepreneurialism to state entrepreneurialism in China’s heritage-led (re)development. By spotlighting the entrepreneurial toolkits employed by local officials to achieve land value appreciation through the commodification of heritage space in Xi’an’s Qujiang Development Model, it argues that the local government has adopted entrepreneurial strategies by integrating state politics through the financial instruments of local government financial vehicles. Its motivation goes beyond promoting growth to maintaining state power through adopting governance innovations, leveraging fission and demonstration effects, facilitating the coexistence of heritage making and authentic heritage under scaling, and employing selective interpretation of history.