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