With several major museums and Shanghai's main shopping street nearby, it is one of the top tourist destinations in the city. The park is built on the grounds of the former Shanghai Race Club , which was established by the British in It was the leading horse racing track in East Asia, and a popular place for the Chinese and the British for gambling on horse racing. The club building , built in , became a landmark in downtown Shanghai. The club's flagpole was considered a great shame for the Chinese, as it was made from the mast of a Chinese warship captured by British and American troops. When the People's Republic of China was founded on 1 October , the new Chinese national flag was hung from the pole.