["The Developing Economies, Volume 64, Issue 1, Page 40-56, March 2026. ", "\nABSTRACT\nThis paper challenges the prevalent use of “gentrification” (shishen hua [士紳化/仕紳化] or jinshen hua [縉紳化]) as a catch‐all critique of culture‐led regeneration and neighborhood transformations, including rent increases and shifts in aesthetic and tastes, in Sinophone Asia and beyond. To maintain the critical dimension of gentrification, defined by the displacement of existing poorer people by late‐coming wealthier people, this paper argues for a conceptual delinking culture‐led regeneration from gentrification by presenting two case studies from Taiwan. These cases demonstrate that new aesthetic‐oriented, culture‐ and creativity‐related businesses, rather than existing traditional businesses and residents, are often less resilient toward rent increases. Rather than “gentrification,” rent increases affect the future of heritage remaking and community building. By examining the influx of unregulated street vendors and arcade merchandisers, this paper illustrates how gentrification fails to address the problems regenerated neighborhoods face.\n"]