Taking Beijing as an example, this paper explores three governance models for transforming old industrial buildings into cultural and creative spaces: informal, semi-formal, and formal regeneration. Informal regeneration represents an early governance model, exemplified by the 798 Art District, in which artists initiated the adaptive reuse of old industrial buildings, while property owners did not pay land transfer fees to the government for land use change. Subsequently, the government introduced a “transition period” policy, allowing the land use change of old industrial buildings within five years without paying any compensation. This policy signified official recognition of and accommodation for informal regeneration, steering it toward a semi-formal approach. Formal regeneration, represented by Shougang Park, strictly adheres to statutory planning and urban management requirements throughout the regeneration process. The research findings indicate that semi-formal regeneration has become the dominant practice in Beijing, despite its tendency to reduce land revenue of the government. In contrast, formal regeneration remains extremely rare as its implementation depends heavily on tailor-made and difficult-to-replicate innovative policies. Therefore, how to promote the broader implementation of formal regeneration projects in Beijing continues to be a challenge.