This chapter explores the intricate relationships between religion and gentrification in property-led societies, focusing on the transformation of church spaces in Hong Kong. Gentrification, as a process of urban restructuring, is characterized by tangible (re)development and intangible sociocultural changes, often leading to displacement and segregation. Building on the existing literature on gentrification and its impact on the built environment, this chapter contributes to the discussion by showing how religious agencies are actively involved in reshaping urban spaces. This chapter proposes a conceptual framework to examine the impact of property forces and planning instruments on the gentrification of religious spaces. The case study of Hong Kong is analyzed using this framework to shed light on the tensions between sacred and secular realms and the spatiality of religious identities. This chapter calls for further research on the geographies of religion through the property lens.