The Peace Hotel - an art deco hotel from the heydays of old Shanghai, the crown jewel of the Bund and once one of the world’s most famous hotels - is being rebuilt to anchor the new redevelopment of Shanghai’s much-neglected historic waterfront.

Jin Jiang Group, the Peace Hotel’s owner that has dithered for a decade over the hotel’s renovation, is a state-owned company that is feuding with the Fairmont Hotel group, which will manage the new hotel.