A tourist looks at art pieces at an exhibition called Why New York in the building on 3 East Zhongshan No 1 Road earlier this year. PROVIDED TO CHINA DAILY

Some experts suggested that city officials draw on the experience of foreign counterparts. Tu Haiming, a member of the Shanghai People's Political Consultative Conference, pointed out that countries such as France and Germany have mature practices with regard to the preservation of historical buildings that Shanghai can learn from.

He noted that the rejuvenation of old residential areas in Germany largely involved the introduction of new public facilities. In France, he said, about 40,000 historical buildings are protected at a national level according to a law enacted in 1913.

The French government is also responsible for footing the bulk of costs associated with the maintenance of such buildings.

"In 1943, France introduced laws pertaining to the protection of the surroundings of historical monuments. It stipulated that the protection area is not only the monument itself but also the area within a 500-meter radius around it," said Tu, who is also president and general manager of Shanghai Hodoor Real Estate Development Company.

"When the country further extended the concept of cultural heritage to its old towns in 1962, all the old towns that were deemed as valuable were included in the areas for historical protection and brought under strict urban management. Dismantling and repairs of the buildings are subjected to assessment and approval of a national-level panel of experts. As far as I know, France spent an annual average of 305 million euros ($376 million) on the restoration of the historical architectures," he added.