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Real estate investment trusts (REITs) have shown great potential in addressing the current contradiction between underinvestment and sustainable development of urban regeneration in China, as well as in further facilitating the transformation and upgrading of China's urban development. In this regard, this study aims to investigate critical success factors (CSFs) and explore the relationships among these factors, and serve as a reference to provide recommendations and strategies for the successful implementation and sustainable development of urban regeneration REITs.

In this study, an integrated total interpretive structural modeling–matriced impact croises multiplication applique (TISM–MICMAC) approach using the TISM technique and MICMAC analysis is then implemented to explore the relationships among CSFs, demonstrate the hierarchical structure and classify these factors into clusters based on calculated driving powers and dependence.

This study has determined a final list of 11 CSFs through literature review and expert survey. The TISM model demonstrates a six-level hierarchical structure encompassing the influence transmission paths of CSFs, in which the most significant factors and links are established, while the MICMAC analysis further classifies CSFs into four clusters as a complement for the findings of the TISM technique.

This study offers practical implications for governments, individual and institutional investors, REITs and property managers, and other stakeholders concluded in urban regeneration REITs. The final list of determined CSFs can serve as the decision points for management and control of the implementation processes, while the findings of the TISM–MICMAC approach can be a significant reference to provide strategies for optimization and enhancement of urban regeneration REITs.

This study is a novel attempt to use both the TISM technique and MICMAC analysis to investigate CSFs for the implementation of urban regeneration REITs, and to address the theoretical and methodological research gaps in the existing literature.