By Rebecca Lo Photography by Derryck Menere, Tuomas Uusheimo, and Pedro Pegenaute raw refined Industrial chic reigns supreme in Shanghai This page: Two views of the Waterhouse at South Bund’s façade, whose cutouts give passersby glimpses inside. Opposite page: The industrial lobby. 240 hospitalitydesign www.hospitalitydesign.comhttp://www.hospitalitydesign.com