Collective memory in cities reflects urban spatial alterations and historic developments. Collective memory can be preserved and reflected by revitalization projects. To build a framework and compare different patterns of collective memory, this study utilized a comprehensive methodology, comprising comparison research, investigations, and literature research. The framework includes institutions and the tangible intangible features of cultural heritages. To clearly articulate its framework and the relevant issues of collective memory, the article selects Columbia Circle in Shanghai and the Blue House Cluster in Hong Kong as typical cases, comparing their revitalizations and preservations of collective memory. This comparison offers a new and holistic perspective for analyzing the relationship between institutions and the revitalizations of urban heritage, for how heritage can be adapted to suitable modern uses and relevant cultural events, and for how collective memory can be preserved through revitalization.