Navigating business models: identifying successful business models for enterprises in old neighborhood regeneration projects

Purpose This study aims to address the challenges enterprises face in implementing old neighborhood regeneration projects in China by clarifying applicable business models and identifying CSFs that contribute to their effectiveness. It seeks to provide practical guidance for enterprises to align their strategies with sustainable urban development goals. Design/methodology/approach Grounded in value chain theory, the study constructs an analytical framework to classify business models and examine their success conditions. Based on cluster analysis of 251 enterprise samples, five representative business models were identified. Critical success factors (CSFs) were derived through a comprehensive literature review and semi-structured interviews. The interpretive structural modeling (ISM) method was then employed to explore the interrelationships and hierarchical structure of these CSFs across different model types. Findings The research identifies five typical business models: Engineering Construction, Design-Build, Regenerative Development Consultancy, Market Traffic Operation, and Government-Led Coordination. Each model has distinct CSFs and internal logic. Enterprise resources and capabilities—especially talent, political capital, and social capital—are found to be foundational for project success. The study also highlights the necessity for enterprises to manage trade-offs among performance goals, cost control, and compliance with government requirements. Originality/value This study systematically categorizes enterprise business models for old neighborhood regeneration and analyzes their critical success factors, offering a strategic roadmap to enhance implementation and support sustainable urban renewal.