Under the wave of globalization, some cities in China, especially the so-called “megacities” are entering or have already entered the stage of post-suburbanization. The study places Shanghai suburbs in the post-suburbanization landscape and takes Qingpu New Town as an example to systematically analyze the development and formation mechanism of post-suburbanization spaces. This study reveals the features of the post-suburbanization in China as follows. Firstly, In China, post-suburbanization is achieved based on industrialization as well as on the promotion of urbanization. Although urbanization has strengthened other functions of suburban spaces aside from living and production, the production attributes of suburbs remain stable. Secondly, post-suburbanization space with the new town as the development model is an important path for a new round of suburban space growth, it has expanded the space for capital accumulation in metropolitan areas, thus promoting the possibility of reorganizing economic activities within metropolitan areas. At the same time, it focuses on the integration of industries and cities, and the simultaneous development of urbanization and industrialization. In turn, this promotes the accumulation of capital centered on the urban environment and manufacturing production. Furthermore, China’s special institutional circumstance enables its government to organize various actors to form a growth alliance, which will act together in the production of post-suburbanization space.