It looks like the Hilton Shanghai redemption start at 50,000 per room per night.

For an executive room that includes breakfast, 76400 points.
Same room can be booked on expedia for $203, tax-inclusive, non refundable rate with breakfast .

That's roughly a 0.27 cent/per redemption which seems really bad. Should I be saving my Hilton points for another destination, and just book a non-Hilton hotel ?

There are a couple other Hiltons in Shanghai but not as well rated, and rates are similar.