I recently had the pleasure of attending high tea in the Jasmine Room of the Peace Hotel in Shanghai. Originally callled the Cathay Hotel, the recently restored local was once the most glamorous hotel of 1930s Shanghai.
The art deco building was stunning in itself. Yet the real star of the day was definitely the high tea. We sipped endless cups of hot tea, noshed on finger sandwiches, and overindulged on sweet treats.
While not exactly cheap, I would high recommend the Peace Hotel's high tea to visitors of Shanghai. Just don't expect to eat dinner. Or even breakfast the next day.