The amended Land Administration Law of the People’s Republic of China, which took effect on Jan. 1, 2020, once again permitted the market entry of rural collectively-owned commercial construction land (RCCCL). Prior to this amendment, there was a debate among scholars regarding whether RCCCL should be reintroduced into the market. The core of the debate centered on the competing claims of stakeholders and the balance in the distribution of market benefits. This study employs stakeholder theory to construct an analytical framework, focusing on whether this re-entry might lead to an outcome similar to the 1998 market closure and whether market equilibrium could again be disrupted. By examining the case of Daxing District, Beijing, this paper compares the market entry of RCCCL across different historical contexts and analyzes stakeholder changes at various stages. From the perspective of the stakeholder relationships, this paper summarizes the institutional lessons from this reform, aiming to propose a more sustainable mechanism for market entry and to inform the future implementation and development of the RCCCL market.