Driven by manufacturing supply reform and regional industrial transformation and upgrading, village industrial parks are key areas for deepening urban renewal. The complex relationship between various property rights actors is a key factor limiting the sustainable development of village industrial parks, and thus attracts considerable research. However, existing research is limited to individual cases and lacks systematic approaches to provide effective guidance for the renovation of village industrial parks. In addition, the paper summarises the participation pathways and characteristics of 12 typical cases of village industrial parks in the PRD. This is particularly true for rural industrial parks. The study identifies five scenarios based on the renewal of village collective ownership (government warehousing, land lease to developers, land lease to operating companies, land lease to enterprises, independent management); five situations based on the renewal of market enterprises’ rights of use (regular leasing, government support, abolition on expiry, introduction of enterprises, autonomous management); and four situations based on the renewal of government management rights (land expropriation, unified lease management, policy stimulation, supervision and management). The results are valuable for the research of urban regeneration and sustainable development in the context of government ownership.