Once Shanghai was Europe’s gateway into China, a bustling trading hub and notorious playground awash with colonial overlords, socialites,  merchants and opium traders. In its glorious heyday back in the ’20s and ’30s, the city was viewed as the byword for decadence, nicknamed the Paris Of The East and even the Whore Of The Orient, but communism put paid to all this debauchery.

Today, however, this Chinese metropolis has re-emerged as a big, bold and brash city embracing capitalism with open arms. It’s far more Manhattan than Mao, with no expense spared on lavish hotels and some of the coolest lounge bars and hottest clubs on the planet. You can still explore pockets of Old Shanghai – such as the traditional lane housing, temples and street markets, but you’ll need to hunt them out. A walk along the famous Bund waterfront frames this contrast perfectly, where the impressive neo-classical and art deco buildings of the old British quarter stare across the Huangpo River at the space-age skyscrapers on the Pudong side. Neon lights illuminate the night sky, while freeways and flyovers interlace like the noodles in a street vendor’s chow mein.

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WHAT STARS MIGHT I SEE?

Shanghai’s a popular film location so expect to spot the likes of Jackie Chan, Tom Cruise and Megan Fox in town as scenes from Transformers: Revenge Of The Fallen, Mission Impossible III, The Painted Veil and The White Countess were all shot in the city.

WHERE SHOULD I STAY?

Looking for a key downtown location, luxury interiors and a possible sighting of Cindy Crawford? Then the recently reopened Fairmont Peace Hotel (www.fairmont.com) is the place for you. The hotel oozes history and the wonderfully  evocative art deco building is a monument to Shanghai’s past. Original features such as the magnificent stained-glass rotunda and legendary Jazz Bar have been retained post refurbishment. Located on the corner of Nanjing Road and The Bund, the hotel’s 270 bedrooms are elegant and feature plasma TVs, Illy coffee machines and Miller Harris toiletries. One of OK!’s favourite pastimes was sipping champagne on the al fresco terrace overlooking the river to the bright lights of Pudong. The other was having a massage at the hotel’s Willow Stream Spa and a dip in the sky-lit pool – the perfect antidote to the breakneck pace of life in Shanghai.

WHERE SHOULD I EAT?

You’ll find eateries galore in the renovated Xintiandi quarter – a Covent Garden-style area of revamped shophouses – now offering cool shops, trendy dim sum restaurants, a Paulaner Brauhaus and even a Starbucks! For a Shanghainese banquet dine at the dragon-shaped Di Long Floating Restaurant on the HuangpuA River, where we worked our way through many dishes – some of which we still don’t know what they were!

There are plenty of international chefs plying their gourmet wares such as Paul Pairet’s new modern French eatery Mr & Mrs Bund and Aussie chef Adam Liston’s T8, with its chic Asian-inspired décor in Xintiandi. There’s also the upscale Jean Georges at Three On The Bund and M On The Bund, with the weekend brunch a firm favourite with expats.

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WHERE CAN I DRINK?

Shanghai must be one of the few places in the world that you can enjoy a cocktail bar crawl at high altitude as most of the bars OK! visited were located in some of the world’s tallest buildings! Enjoy a vodka Martini at Bar Rouge (18 Bund), with its sensual bordello-style decor, a flute of champagne at Cloud 9, on the 87th floor of the Grand Hyatt Hotel and a Mojito at the retro art deco-style Glamour Bar at 18 Bund. The cocktails may not be the cheapest, but factor in the spectacular city views, stylish interiors and people-watching opportunities and we definitely got our money’s worth!

WHERE CAN I SHOP?

The locals like to exercise their credit cards and there are shops aplenty here. Start at the hundreds of stores along the main shopping thoroughfare, Nanjing Road. For upmarket labels make a beeline for the glitzy Plaza 66 and Citic Square shopping malls or the flagship Armani and Dolce & Gabbana stores on The Bund. On the side streets you’ll find one-off boutiques such as Suzhou Cobblers, with its beautiful handcrafted shoes and slippers. For boho-chic boutiques (Nest), art galleries and cafes, head to the lanes around Taikang Road in the leafy mansion-lined former French Concession neighbourhood. To refuel, stop at Sinan Mansions to try one of David Laris’ four new concept restaurants. A market visit is a must – for silk and cheongsams try the Fabric Market on Lujiabang Road.

WHAT ELSE CAN I DO?

Unless you suffer from vertigo, a visit to the top of Shanghai World Financial Center in Pudong is a must. Zoom up to the world’s highest observation deck on the 100th floor and take in the city views if you can brave the glass-bottomed floors! To calm your nerves enjoy a post-visit cocktail at the Living Room in the Park Hyatt hotel a few floors down.

For a psychedelic train journey hop aboard a silver pod and whizz under the river through the Bund Tourist Tunnel. Be prepared to be entertained, or startled in OK!’s case, by holograms, voices and strobe lighting! A more serene experience is to take a night cruise along the river so you can admire both the classical architecture of The Bund and the futuristic buildings of Pudong.

There are still a few oases of calm among the forest of skyscrapers, such as the Yuyuan Gardens,  featuring ornate temples, carp-filled ponds and gardens and an adjacent bazaar.

For those who want to escape the bright lights of Shanghai, Bales Worldwide offers many side trips. OK! opted for a visit to Zhujiajiao, where we took a leisurely ride along the canals that weave between its ancient buildings. Afterwards we picked up some lovely souvenirs along the old, narrow lanes.

HOW DO I GET THERE?

Bales Worldwide (0845 057 0600; www.balesworldwide.com) offers a Power Break package, including return Virgin Atlantic flights from London Heathrow to Shanghai, staying three nights at the five-star Fairmont Peace Hotel, from £1,225 per person. Bales can also organise many sightseeing options, in Shanghai and nearby.
The airport Maglev train whisks you the 30km into town in eight minutes at speeds of 268mph. Chinese Tourist Visas can be arranged through visa specialists CIBT at http://uk.cibt.com/ in approximately four working days.