The Pujiang Hotel (Pujiang fandian) is the only place in Shanghai offering dormitory accommodation. As such, it is often full, especially in the summer months so it is a good idea to call ahead and book a room if you can.
The Hotel is in a great location, just over Waibadu Bridge and Suzhou creek, and is a two minute walk from the Bund. Transport to and from the bus and train station is not bad, with a regular bus service going from the Bund every day.
The hotel has some fairly crowded but clean dormitories and also some cheaper double and triple rooms on offer. The building itself is great, an old colonial building and formerly a much more glamorous hotel. Today, it's more like something out of a gothic horror tale- but atmospheric and fun nevertheless. There is a pleasant bar and restaurant on the premises and also a small shop.