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Previous planning for rural revival in towns has emphasized construction and government-led policies. However, we argue that the dilemmas of peri-metropolitan rural areas, such as Desakota in China, are far more complex faced with rural super village and hollowed village transformations. Rural revival planning needs to coordinate with the development of urbanized and rural areas towards multifunctional goals and plans as a whole. Therefore, we selected the town master plan of Lijia, a typical peri-metropolitan village in China, as a case study. Through a historical–interpretative approach involving analysis of planning policies, questionnaires, and in-depth interviews with the key stakeholders involved, we structured the process and mechanism of rural revival in Lijia into three phases: resource identification, capitalization, and financialization. In different phases, different stakeholders adopt different roles. The government takes a leading role in resource identification and capitalization, while firms take a leading role in the process of financialization. “Market-dominant and government-guided” planning stimulates villagers to participate in rural revival. We highlight the importance of multifunctional land-use in terms of rural revival in the master planning of peri-metropolitan villages and provide a practical reference for uniting multiple stakeholders, including governments, firms, and villagers.
