Out with the old, in with the new

Out with the old, in with the new

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Xintiandi, which means New Heaven and Earth in Chinese, is among the most expensive pieces of real estate in China's financial capital.

Until the 1990s, the area consisted of traditional low-rise houses in narrow alleys, but as China’s economy boomed the neighbourhood transformed into an affluent playground of trendy restaurants, bars and boutiques.

. SHANGHAI, China. Reuters/Carlos Barria

Today, China's once-heated property market is experiencing its sharpest slowdown in two years. In Xintiandi many old houses are being vacated, bricked up and torn down to clear the way for modern buildings, as China aims to revive its once-heated property market.

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Slideshow

A woman walks along an alley of houses under demolition in Xintiandi.
. SHANGHAI, China. Reuters/Carlos Barria

A woman walks along an alley of houses under demolition in Xintiandi.

A Chinese flag flies at another house.
. SHANGHAI, China. Reuters/Carlos Barria

A Chinese flag flies at another house.

Children play in an alley.
. SHANGHAI, China. Reuters/Carlos Barria

Children play in an alley.

A man walks near a scene of demolition.
. SHANGHAI, China. Reuters/Carlos Barria

A man walks near a scene of demolition.

Local residents sit in an alley. Many occupants of demolished houses are offered compensation and relocated.
. SHANGHAI, China. Reuters/Carlos Barria

Local residents sit in an alley. Many occupants of demolished houses are offered compensation and relocated.

A man walks along at night.
. SHANGHAI, China. Reuters/Carlos Barria

A man walks along at night.

Demolished houses are overlooked by newer buildings.
. SHANGHAI, China. Reuters/Carlos Barria

Demolished houses are overlooked by newer buildings.