I think SH has a vast future with lots of unknowns.
It really depends on how much you have to invest. In HK property is the heartline of this space-starved economy which means every square foot commands high prices - NOW.
SH property is still growing and isn't near the mature stage of HK property. But I think SH property is worth investing in if you can afford to wait that long and oversee it.
If you buy a newish 1-2 million apartment in SH that's around 100 square meters in a relatively good area, you can rent it out for around 4-5000 RMB.
Even if you buy an old 1-2 million apartment in HK that's 400-500 sqft and remodel it in or near Central, you might get well over 12k and above.
There's a great disparity. There's a lot more space in SH than HK and that fact alone means HK brings fairly immediate chunks of cash - SH will take longer to reach that level, but if you have the money and you can invest 1-2 million without needing it in a long period of time, then go for it.
Personally, if I had cash, I'd go for HK, then SH.
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