| Jian Shuo doesn't the government there have to buy property owners the fair market value of their property which is taken by the government for a public purpose such as the construction of a highway? if the government offers what the property owner believes is too little of an amount of money, can the property owner go to court to seek a larger sum of money? that's how it works in the US. Posted by: Shrek7 on December 7, 2006 09:53 PM -------------------------------------------------------------- Hi Shrek7: I'm from shanghai as well and has bought my own apartments just nearby century park where jian shuo has mentioned in his earlier post. Actually, I don't agree with Jian Shuo's opinion regarding downtown reconstruction. I'm the expert for this topic. Generally speaking, there are 2 kinds of reconstruction: 1. One is called public-purpose reconstruction which just like you mentioned earlier - Elevated highway, green land etc... 2. The other one is called commercial-purpose which we can learn from its name: for commercial purpose, to build large Mall etc.. For each of them, government have to pay far more fair market price to let people move out. Often commercial reconstruction have to pay more money so that people move out. You must know Pudong area? There is a river called Huangpu which split shanghai as East of the river(Pudong area) and west of the river(PuXi area). Puxi area is traditional downtown while PuDong area just like a new city. Now I just take one of the downtown reconstruction in Pudong area as example. Recently, the government need move lots of poeple out of a special location of Pudong. This special location called LuJiaZui Financial Area where just like Manhattan downtown. I mean, where there are lot lots of high buildings, lots of world-class bank headquater etc... The fair market price for those old apartments in this special location is only about 130$ per square feet. (Why so cheap is because these apartments is very old. Most of them almost 40-50 years old). How much you know government finally give them? At least 300$ per square feet!! More than doubled...! Actually, there is a common-feeling in Shanghai: City reconstruction is the fatest way to let you become rich! In every bbs which regarding real estate, you can often see such kind of post: Did the place where I'm living will reconstruct soon?..... Acutally, Jian Shuo's opinion regarding city reconstruction is for old days. Frankly speaking, I'm the benefiter from city reconstruction. I got 250,000$ and a new apartment from One of my 600 Squre Feet old apartment in PuXi downtown!!! |
Shanghai Looks Similar to US, But...