Integrated energy services in parks : analyzing stakeholder dynamics and innovation under the REITs model through 23 policy documents

Industrial parks are significant consumers of energy, contributing to global carbon emissions and intensifying the need for strategic interventions to meet carbon reduction and energy efficiency goals. In China, the Real Estate Investment Trusts (REITs) model has been adopted to advance the development of Integrated Energy Services (IESs) within these parks. This paper analyzes 23 Chinese government policy documents to explore the key stakeholders in park-based IESs, particularly the central role of energy companies in shaping collective decisionmaking processes. The study highlights how business models, including financial investment, offline and digital services, and innovative practices, have evolved under the REITs framework to drive the development of IESs and foster collaboration among stakeholders.