So far, about 30 businesses have settled there — fancy music bars, coffee bars, restaurants, bookstores and trendy shops. The area now has a new name, Dabaodao Cultural Leisure Block.

Apart from historic protection, the three-year campaign covers other undertakings, including the development and construction of inefficient areas, old villages, municipal facilities, transportation infrastructure, subways and parking facilities, said Zhou Zhaoli, a senior official involved in the three-year campaign.

"A total of 974 projects are listed in this year's work plan within all of the city's 10 districts and county-level cities, with a total investment of 145.9 billion yuan," Zhao added.