dfoo
Well-known
that explains part of it too, in shanghai house prices are significantly higher then here in Chongqing so the compensation is skewed a bit between here and there. the going rate this year for a house in the main city areas being torn down is about 2700-2900 per square meter, and new house prices in the same areas are about 7000-9000 per square meter which I know is a lot cheaper then shanghai! That is the other thing too, for instance my gf's parents live in a central hub of the city, after their house is torn down they will have to move out to the outlying districts. Also keep in mind that Chongqing is decades behind shanghai in terms of development, my gf still spends nearly 3 hours going to and from work 6 days a week.
When I left last May, our apartment was very central and went for 2.4mio RMB for 94 sq meters. Other more upscale places were much much more expensive, the the prices were rising very quickly over the prior 6 months. I suspect since then due to the economic crisis the prices have dropped. I'll be back in April for a month, and will check it out 🙂
I have some photos somewhere of an area around xin tian di in Shanghai, which is right in the middle of the city and a very desirable area for development. A bunch of residential buildings were being torn down to make way for the latest very expensive and pricy high rise building. Around that area were all sorts of "peace and prosperity" propaganda signs showing off the great new development where the residents were being moved. That was the good news. The bad news is that this location was very far from the city center (like 2 hours bus ride from the current location)!