In Shanghai, real estate is a developing industry. The price of real estate goes up every day. People in Canada could never imagine that how high the price in Shanghai now.
In Canada when you buy a house you get both the land and the house forever. However, in China, when you buy a house you get one maximum 70 years time to use that house if you are lucky enough that you get a newly build house,yet the land belongs to the government.
Secondly, in Shanghai the real estate price is counting as per square metre. As I said the down town Shanghai is almost the same size of Toronto, and it is also separated into parts. There are 10 parts of areas, which combined the city. The central part of Shanghai real estate price of apartment goes for about RMB 40,000.00/m^2 and up, which is about $5,900.00/m^2. However, the minimum wage wage in Shanghai is RMB 1,200.00/month. Think about this, how many years can a two-people new family can buy a house for the future life? Even if they only go and buy a 30 m^2 one bedroom will be RMB 1,200,000.
Since the real estate price is that much high, there are few houses in downtown Shanghai. Most people live in high rises.
This is the future of Shanghai. There will be no green grasses at all. High rises are everywhere in the city.
Even we can see the the price of real estate is that much high. People still do not rent apartment but trying to buy them.
Renting system in Shanghai is fairly poor. So anyone interested in building a renting system in Shanghai will be a great invest for the next 100 years.
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