China's Empty City

Al-Jazeera via Youtube ^ | 11/10/09 | Al-Jazeera

[PugetSoundSoldier]

Realize that the Bund and the area of Pudong just over the river are the MOST expensive chunks of real estate in Shanghai; come on over to where I live - Minhang - or even part of the way (Hongqiao or Xujiahui) and you’ll fine nearly full buildings.

Also, the Chinese are amazingly “superstitious”. When I was looking for an apartment, I found a really nice one in a great project, quite low occupancy (about 50%), really low rates, etc. I asked why it was way below price? Seems that there were four deaths on the job site as it was being built (it’s a complex with about 200 apartments), and thus people don’t want to move in.

I almost leased that place, but found a little better one for about the same price, but another 10 minutes outside of town, and closer to the Xinzhuang subway terminal so I took that one instead...

I’ve heard the same thing about office buildings too, that weren’t sited just quite right (facing the “wrong” direction) or have a bad address (444 for instance). All are bad luck - bad feng shui - and thus will sit empty even if the price is rock-bottom and the amenities are great.

It’s why you can buy the license plate AP4444 for around 6000 RMB, but anything with 888 or 8888 in it will cost you beyond 100,000 RMB. Bad luck numbers (4 is the number for death) versus good luck numbers (8 is the number for fortune/financial success).

[Lady Jag]

When they have a year with a 4 in it, does the economy reflect bad luck?

[kempster]

Geez, I’m beginning to think these people don’t know Hu’s on first.