This study investigates the role of government-led social capital in mobilizing non-state capital for cultural heritage megaprojects, specifically focusing on the Grand Canal National Cultural Park in Yangzhou, China. Given the nascent status of research in this area, the study seeks to understand the investment mechanisms of Chinese non-state capital, particularly involving state-owned enterprises SOEs and WCCO(NGO). Through 22 interviews with social capital participants and analysis of internal documents, the study reveals that Yangzhou predominantly relies on SOEs and WCCO(NGO) to mobilize social capital for the park's projects. SOEs are crucial during the initial phases of construction and employing 'Hybrid delivery coalitions' and 'Platformization' for funding. This approach emphasizes the benefits of public investments through 'Value capture & phased activation,' which successfully attracts private investors, as seen in the Sanwan area. Additionally, the WCCO(NGO) has played a key role in mobilizing soft capital, such as human capital, and enhancing the global influence of the Grand Canal heritage, despite the limitations of foundations in legitimacy. Ultimately, a mechanism-based model for government-led mobilization of non-state capital in heritage megaprojects is proposed, grounded in thematic analysis.
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