The regeneration of old residential communities in China is one of the most important tasks in urban renewal. In recent years, distinctive models and pathways have emerged in the emerging practice of participatory community regeneration, all of which can be seen as applications of collaborative governance theory at the community level. Collaborative governance is considered an effective way to achieve multiple goals in urban regeneration, but there has been relatively little research on collaborative governance in small-scale regeneration projects. This paper summarizes three nuanced pathways in the collaborative governance model through case studies, which are led by different initiators, resulting in collaborative models, rights dynamics, and implementation pathways that are applicable to different scenarios, effectively resolving community conflicts and producing sustainable practical results. This study compares how the three models achieve their respective objectives in participatory regeneration projects by coordinating the different stakeholder participation processes. These three models complement and extend international experience and will provide a vivid Chinese example for other developing countries around the world.