Abstract
With the rapid development of the transformation and urbanization of Chinese social structures, more and more industrial heritage renewal projects are emerging. However, there are significant policy risks associated with Chinese industrial heritage renewal projects. Through a literature review, a total of 20 policy risk factors were determined, and a total of 10 industrial heritage renewal project managers in six regions nationwide conducted a pilot study. A questionnaire survey was conducted to collect 398 evaluations of these 20 risk factors from relevant professionals. Secondly, through confirmatory factor analysis, a six-part policy risk assessment model was established. The results indicated that the critical variables that affect the policy risk level were: (1) industry maturity, (2) tax policy, (3) financial freedom, (4) the rule of law, (5) local market size, and (6) local market experience. Moreover, there are significant opportunities and policy risks in Chinese industrial heritage renewal projects, and appropriate strategies can capture these opportunities and mitigate risks. As there are few pieces of research on the policy risks of industrial heritage renewal projects in China, this study has a certain reference significance for the policy risk management of industrial heritage renewal projects in China.
Highlights
Through large-scale and planned construction, China has become one of the largest global economic powers with the greatest potential for development
Policy risk refers to the unexpected consequences and risks caused by market price fluctuations, which depend on the changes in national macro-policies
According to the risk assessment procedures given in ISO 31000, appropriate adjustments were made in accordance with the characteristics of the regional risk assessment
Summary
Through large-scale and planned construction, China has become one of the largest global economic powers with the greatest potential for development. The China State Council has put forward several suggestions to further strengthen urban planning and construction management [3], aiming to optimize urban and rural layouts, improve urban functions, and carry out urban repair and organic renewal in an orderly manner. To this end, various regions in China have put forward relevant policies regarding industrial heritage, including the Northeast, East, North, South, Southwest, and Northwest regions. Industrial heritage renewal projects have both opportunities and risks. Laws, and regulations are in the initial stage of the industrial heritage renewal project. Trohuenredfo[9re]., Hpoowliceyverirs,kproelisceyarrcihskms uresltabteedlitnoktehdewreitnhewa aspl eocfifiincdbuasctkrigarlohuenrdit,aignec,luedspinegciathlleyrtehgoisoenarel lbaateckdgtroouthned raengdionin, dhuavsterybebeanclkagrrgoeulyndign[9o]r.eHd oinwperveevri,opuoslsictyudriiessk.s related to the renewal of industrial heritage, espeBciaaslelyd tohnostheerealbaotevde,ttohtihs eparepgeiroant,tehmavpetsbetoe,n largely ignored in previous studies
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