Vancouver Chinatown is the second (or third) oldest Chinatown in North America after San Francisco (and maybe Victoria). Beside of the Chinese community living there since generations, it is a popular tourist attraction and a unique neighbourhood its own character that you can't find in Richmond (or anywhere else in VGA) in this form.

IMO, it would be a shame to stamp out this uniqueness and replace it with the same style of glass and steel towers with the same style and look that you can find anywhere else. There are ways to build up and provide more living space, while retaining the character at street level if must be.