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With the continuous urbanization, China is facing a dilemma of achieving two conflicting targets in land governance, i.e., the continuous supply of urban construction land to support urbanization and the preservation of cultivated land for food security. Under China’s dual land system, the implementation of the “Linkage between Urban-land Taking and Rural-land Giving” (Linkage) policy is of great significance in promoting more inclusive urbanization by commodifying the land development right and connecting urban and rural land markets. In the specific land property right system and changing land governance of China, this policy appears to provide an opportunity for stakeholders other than the state to compete for the value from the transfer of development rights (TDR) and triggers the emergence of diversified approaches in organizing land projects in rural China. Based on the theoretical perspective of New Institutional Economics and empirical evidence from Zhejiang Province, Hubei Province, and Sichuan Province, this paper conducts a comparative institutional analysis for China’s TDR practice and argues that the diversified operational approaches in China’s practice have aligned various interests of the stakeholders through flexible participation methods and elaborate reallocation of land property rights, in order to fit various institutional environments and material conditions
