by WANG Tingting
Shanghai on Tuesday unveiled 42 urban renewal projects at its first Urban Renewal Development Conference, part of China's broader campaign to upgrade old neighborhoods and industrial land.
Beijing has made renewal a policy priority as it shifts from decades of rapid construction to higher-quality growth. The 14th Five-Year Plan (2021-2025), China's national economic blueprint, calls for improving housing and infrastructure rather than large-scale demolition.
The projects include the Nanchang Building, a 1930s Art Deco landmark; Zhonghe Apartments, a prewar residential complex; and the Tianzifang Painter's Building, a former factory tied to local artists now being redeveloped as a cultural venue. Others involve riverfront parks, public plazas and community facilities.
ZHU Feng, head of strategy consulting at Savills China, said a key challenge is repurposing low-efficiency industrial land left from earlier urbanization. Planners are adopting adaptive reuse and flexible zoning to redevelop these sites into higher-value uses such as technology parks and mixed-use districts.
Financing is also difficult, with long payback periods and uncertain returns. WAN Yong, director of the Urban and Real Estate Research Center at the Shanghai Academy of Social Sciences, said public funds are limited and that private capital, civic groups and residents must play a role. Authorities are exploring tools such as REITs (real estate investment trusts) and encouraging long-term "patient capital."
Planners said success will also be judged by social and environmental gains, not just financial returns. Shanghai hopes its approach can provide a model for urban renewal across China.
