The site, which housed machinery and industrial operations, will become a business, culture and art district, according to the buildings' owner, Baosteel Stainless Co.

Industrial-themed tours related to aerospace, automobiles and shipbuilding have also been designed by the local government to facilitate tourism.

According to a report by the Shanghai Industrial Tourism Promotion Center in May, industrial tourism in Shanghai racked up 19.85 million visits in 2015, up from 6.15 million in 2006, with an average year-on-year growth of 22 percent.

"More people now come to appreciate the values and stories of the city's industrial past," says Liu Qing, director of the center.

The output value of industrial enterprises or sites in Shanghai rose by 7 billion yuan ($1.02 billion) in 2015 due to industrial tourism, compared with 5.7 billion yuan in 2008.

The achievement is obviously backed up by the fact that Shanghai - known as the birthplace of contemporary industry and a modern industrial hub in China - is where numerous industrial sites were built and supported national development.