Shanghai's once largest urban village, Hongqi Village, has completed a major transformation after eight years of redevelopment to become a leading commercial and residential hub in Putuo, the district government said on Tuesday.

The MAX City shopping center, a key component of the project, is set to open on December 22. Spanning over 320,000 square meters and hosting more than 300 brands, it will become Shanghai's largest shopping center to open this year.

The area will feature high-rise office buildings, a theater, the Sam's Club warehouse retailer, a central park, rental apartments, and high-end residences. It integrates public transportation and park spaces, allowing Metro commuters to enter Sam's Club and the the Haixin Theater directly.

Shanghai initiated the "urban village" transformation project in 2014. By last year, 62 urban village transformation projects were approved, benefiting more than 27,000 households by improving their housing conditions.

The area previously known as Hongqi, or Red Flag Village, was the largest urban village in central Shanghai. It held the largest fruit and seafood markets in Shanghai, still cherished by many citizens.

There were once 90 printing factories, 207 cold storage facilities, 16 small workshops, nine trade markets, and over 1,000 stalls, accommodating more than 60,000 migrant workers.

The Putuo government spent three years to clear these establishments for the development of the Zhenru urban sub-center.

Gui Zhihua, a former Hongqi resident and now general manager of a company in the area, never imagined that the dirty and chaotic market would transform into today's business district.

"It feels great to work and live in the bustling central business district nowadays," Gui said. He said he once had to navigate wearing rain boots and pinching his nose in the village during his childhood.

"The redevelopment not only revitalized the area but also preserved its historical essence, like the 500-year-old ginkgo tree, around which the MAX City plaza was developed," he said.

The MAX City mall boasts a 95 percent lease rate, introducing over 60 brands making their debuts in China or Shanghai. About half of the nearly 100 dining brands are the first in Putuo, according to China Overseas Commercial Properties Co, the project's developer.

The mall will also feature a "Tongchuan" themed food market, reviving memories of the old Shanghai seafood market on Tongchuan Road. The rooftop terrace offers views of the 700-year-old Zhengru Temple.

A Ginkgo Square was developed around the 500-year-old ginkgo tree along the Zhenrugang River. To preserve the ancient tree, the main structure of the mall was shifted 30 meters and a specialized care plan was implemented for the tree, aiming to maintain its legacy, the company said.