Questions about example sentences with, and the definition and usage of "Gentrified"

A: If a place which had a lot of cultural value was bought over by a rich company in order to build buildings that has nothing to do with the cultural value of the place, we say the place has been gentrified.

An example would be for example, at ise shrine in mie, a company bought over the area around ise shrine and build a lot of condominiums and french cafes - we will say that place has been gentrified.