Amid rapid urban regeneration over the past decade, industrial heritage conservation in China has garnered increasing attention, focusing more on the reuse of listed buildings than on conflicts in the inscription process. This article examines the conflicts and dilemmas between urban redevelopment and industrial heritage conservation during the inscription process in China, through five case studies in Guangzhou. It aims to provide both an understanding of conflicts and institutional challenges posed by land banking, and insights into stakeholder dynamics, the role of media and NGOs, and the implementation of cultural heritage assessments. Grounded in the Institutional Analysis and Development framework, the empirical studies reveal that institutional conflicts, particularly resistance from land development centers and former factory owners, often stem from financial motivations. This resistance can lead to the premature demolition of potential heritage sites but also drive institutional innovations. Guangzhou’s introduction of the Wenping assessment system integrates industrial heritage identification with land banking and urban regeneration planning, aiming to protect heritage from hasty demolitions. Media coverage and NGO advocacy have been instrumental in heritage-making and prompting policy responses. The adaptive reuse of industrial heritage sites into creative industrial parks faces challenges from their temporary nature and land banking pressures, underscoring the need for policies ensuring stable and enduring reuse. Ambiguous responsibilities and fragmented management systems further impede effective heritage conservation.