New-build gentrification is the mapping of slash-and-build urban regeneration on social space, one of the main forms of gentrification in Chinese context, and the core element of the third wave of gentrification. However, the conceptualization of new-build gentrification is insufficient, ambiguous and somewhat misunderstood, hindering its academic exchange and value exploration. In addition, domestic research of new-build gentrification mainly focuses on the description of its phenomenon and superficial differentiation of its concept with other types of gentrification, but there is still a lack of understanding of its core characteristics, driving mechanism and specific subdivided types, along with an absence of systematical study of its original theory and academic concerns. In this case, it is unadvisable to do research about indigenization of new-build gentrification without reference and comparison to well-established global theory system. To fill this gap, through an extensive literature analysis, this paper reviews the background of new-build gentrification under transition of public-private partnerships, builds a systematic analysis between classical gentrification and new-build gentrification, discusses the inevitability of newbuild gentrification in terms of the driving mechanism of gentrification, and finally, links the theory of new-build gentrification with what is happening in contemporary urban China. The paper makes the conclusions as follow. (1) New-build gentrification is regarded as a developmental understanding of classical gentrification because they share the core element, “class remake”, while they are also so heterogeneous due to their structural distinctions in construction behaviors, along with non-structural distinctions in displacement, capital, and land use change. (2) New-build gentrification becomes an inevitable part of gentrification due to global strategy of gentrification, capital secondary circulation and consumerism, and is a more commercialized form of gentrification. (3) New-build gentrification expands the internationalization of the study of gentrification, and has great academic value and practical significance in contemporary China by enriching new perspective, new phenomena, new explanation, and new value to Chinese gentrification research.