In the late twentieth century, Hong Kong experienced a transformation from an industrial to a specialized services and high-tech economy. Accompanying this shift, extensive local redevelopment has fundamentally altered the physical and social characteristics of the city. This analysis explores the physical and social transformation of Hong Kong from 1986 to 2006, examining the diversity of gentrification processes. The specific questions focus on: (1) How extensive are gentrification processes operating within Hong Kong? and (2) What is the role of new-builds in facilitating displacement? Principal component analysis and K-means clustering are used to identify areas within Hong Kong that are experiencing physical and social upgrading. From the quantitative analysis, three neighborhoods-Kennedy Town, Tiu Keng Leng, and Yuen Long-are selected for a qualitative study into the complexity and the diversity of capital reinvestment, social conflict, and displacement.