Some People won’t sell…
For some people it’s fear, for most it’s joy, the gov. people and developers coming in and offering to buy the property you hold of your hands.
They usually offer a little more until you refuse them a few times and they offer you a huge sum above market price for your pad.
This just happened to an old guy holding a smal 30 square meter one bedroom no kitchen place on Sinan Road that is supposed to become the next Xintiandi.
Negotiating for months the developers have gotten nowhere,
our Shanghainese hero has of yesterday been offered 35 Million Rmb for his 10 square meters of the new Xintiandi.
And I write about him here, because he refused this offer.
350k Rmb per square meters for his old run down “gongfang” that has already been abandoned by most of his neighbors wasn’t enough.
Yesterday, he told us, he’s holding out for 120 Million, and apparently they can offer him this or build the new paulaners around him.
Now, that would mean Real Estate prices have still some room to go, and that this elder citizen might be shanghai’s most shrewd negotiator in the property game.
Stay Tuned
1
aquaspace
Thursday, December 31st, 2009 at 1:51 am
this ten square is pretty expensive, but worth.
2
Oliver
Thursday, December 31st, 2009 at 11:28 pm
hey aquaspace,
interesting, I had expected outrage at this price.
so, when would you sell ;-p
3
I am the President
Saturday, January 2nd, 2010 at 9:44 am
Such a greedy old man. He probably inherits the house and does not have to sweat to earn such a big sum of money. I say let the government evict him in the name of “economic progress for the greater good” and give him 35 million rmb. It is more than enough to cover for all his retirement, buying a new luxurious house and car.
4
Oliver
Saturday, January 2nd, 2010 at 10:17 am
interesting take indeed…
:-p
5
aquaspace
Monday, January 18th, 2010 at 7:50 pm
impossible to put a price on sentimental value. maybe 120 mill just his ‘tipping point’!
(but true, in this case it does sound like extreme greed)
6
Bruce
Wednesday, May 19th, 2010 at 10:27 am
Such a greedy old man. He probably inherits the house and does not have to sweat to earn such a big sum of money. I say let the government evict him in the name of “economic progress for the greater good” and give him 35 million rmb. It is more than enough to cover for all his retirement, buying a new luxurious house and car.