<p>The redevelopment of abandoned industrial heritage has gained growing political support as an essential component of urban renewal. However, there is limited understanding of the effectiveness of these renewal plans. This study analyzes the effect of the redevelopment announcement of Hangzhou Iron and Steel (HIS) industrial heritage on neighboring property prices in Hangzhou, China. Additionally, the heterogeneity of the announcement effect in horizontal (spatial) and vertical (property price level) dimensions is examined. Based on the difference-in-differences (DID) framework, this study analyzes the trend in property prices before and after the announcement of the industrial heritage redevelopment, utilizing housing sales data from 2017 to 2021. Empirical results indicate that the industrial heritage adversely affects surrounding property prices. The redevelopment announcement results in a 4.2% price premium for properties located within a 4&#xa0;km radius of the industrial site. In the horizontal dimension, the announcement effect on property prices exhibits an inverted U-shape over varying distance intervals. In the vertical dimension, the announcement effect differs among properties at varying price levels, with low-priced properties experiencing greater positive effects than high-priced properties. These findings provide critical insights for policymakers to better understand the impact of industrial heritage redevelopment on neighborhoods and to formulate regulations that maximize the economic benefits of such redevelopments.</p>