The current Jinjiang Hotel was converted from three buildings: the 13-storey Cathay Mansion apartment building completed in 1929, the 18-storey Grosvenor House apartment building completed in 1934, and a three-storey side wing of Grosvenor House. Both buildings were owned by Victor Sassoon's E.D. Sassoon and Company Limited. By the time the Communist Party of China liberated Shanghai in 1949, many of the residents had fled the city. According to records, by the end of 1949, of Grosvenor House's 77 apartments, only 12 were inhabited: 10 by foreigner households, and two Chinese.