Laoximen district in Shanghai is currently being cleared. The old housing from the 1920s and 1930s is being demolished to make way for modern high rises. Further north, just east of Shanghai's main railway station, there are districts that have already been cleared. When I visited these areas last year, they were in the process of being emptied. That process has more or less finished.
The residents have been compensated for having to move, but not to the extent that they can live anywhere near their previous homes. Some apparently have been happy with this, many others, not so happy. One thing is for certain is that the way of life in Shanghai has been changed drastically with the clearance of these areas, going from small scale communities with a lot of life happening on the street, to a sea of luxury high rises.
I have no doubt that within a few years, the remaining old areas of Laoximen will also be gone. It may be progress, but it seems very sad to me.