Abstract: In response to escalating demands for high-quality urban development and competing land-use priorities, Shenzhen has pioneered multiple pathways for reactivating underperforming industrial land, including industrial transformation-led renewal, capacity expansion, land swapping, and compulsory acquisition. However,these conventional approaches exhibit diminishing returns in addressing industrial space constraints. To overcome implementation bottlenecks, the municipality introduced a government-orchestrated benefit-pooling framework aimed at optimizing land value capture and equitable redistribution. This paper critically examines the institutional architecture of existing redevelopment policies and, through a longitudinal case study of Longgang District,Shenzhen City, Guangdong Province, elucidates the operational modalities and governance logic of this innovative mechanism. The analysis reveals how pooled benefit schemes mediate conflicting stakeholder interests while unlocking industrial land’s latent value, offering transferable insights for policymakers navigating similar retrofitting challenges in industrial districts.