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Meet China's most stubborn tenants

Wednesday, May 04, 2016 - 01:01

Residents living on prime property in Shanghai refuse to move out, seeking better compensation from developers. Yiming Woo reports.

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This piece of land in Shanghai may not be much to look at, but it's worth at least $12,000 per square metre. It's near the subway and shopping malls, and is a property investor's dream. They want to demolish these homes to build high-rise apartments, which could rake in hundreds of thousands of dollars. The only thing stopping them? Residents like Jiang Zhengxiang. The 62-year-old refuses to accept a developer's offer - a third of the land's worth. (SOUNDBITE) (Mandarin) 62-YEAR-OLD LIVING IN THE GUANGFULI NEIGHBORHOOD, JIANG ZHENGXIANG, SAYING: "You give me $4000 per square metre, think of it, are you kidding? Who will agree? Who's calculating the discount? You are kidding the common people. You are lying to people. How $4000 was decided, we have no idea." Residents have accused the local government of trying to force them out. The stakes will only get higher - property prices are rising 25 percent year-on-year.

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Meet China's most stubborn tenants

Wednesday, May 04, 2016 - 01:01