Shanghai: Gold Rents, Gold Locations

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Last updated at: (Beijing Time) Sunday, January 12, 2003

Shanghai: Gold Rents, Gold Locations

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The gold leaf gilding alone is worth 16,000 yuan (1,940 US dollars) for one square meter, but to rent it for one year costs even more at the Shanghai Sendnes Shopping Center on Nanjing Road, Shanghai's most prosperous zone.

The current rental price for the lower floors of the center, which opened May 1 on "China's No. 1 Street," is 50 yuan (about 6 US dollars) a square meter per day, or 18,000 yuan (2,180 US dollars) per year -- an amount which would have been inconceivable in the past.

Rents for other low-level shops on Nanjing Road also generally exceed 15,000 yuan (1,815 US dollars) a year, with the highest hitting 20,000 yuan (2,421 US dollars).

All shops inside the center, even at a price of 78,000 yuan (9,443 US dollars) per square meter, were still rented or sold out ina rather short time and the 200 million yuan (24,213,000 US dollars) investment in its construction was collected in less than three months.

A survey showed that of all the shop buyers, 35 percent bought for self-management, 55 percent for renting and 10 percent for the profit they would make from resale.

"In the past, shops were a capital investment concept rather than a management concept," said the chairman of the board of the Shanghai New World Corporation.

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