Post-industrial waterfronts have become key arenas of urban transformation, where heritage, public space and social equity intersect. This study examined the Xuhui Waterfront in Shanghai under the ‘One River, One Creek’ initiative, which converted former industrial land into a continuous riverfront corridor of parks and cultural venues. The research aimed to evaluate whether this large-scale renewal enhanced social equity or produced new forms of exclusion. A tripartite analytical framework of distributive, procedural and recognitional justice was applied, combining spatial mapping, remote-sensing analysis of vegetation and heat exposure, housing price-to-income ratio assessment, and policy review from 2015 to 2024. The results showed that the continuity of the riverfront, increased greenery and adaptive reuse of industrial structures improved accessibility, environmental quality and cultural enjoyment. However, housing affordability became increasingly polarised, indicating emerging gentrification and generational inequality. This study concluded that this dual outcome reflected the fiscal dependency of state-led renewal on land-lease revenues and high-end development. It suggested that future waterfront projects could adopt financially sustainable yet inclusive models, such as incremental phasing, public–private partnerships and guided self-renewal, to better reconcile heritage conservation, public-space creation and social fairness.