Zheng Ruizhen counted herself among the last holdouts on Shanghai’s Lufeng Road

-

Zheng Ruizhen counted herself among the last holdouts on Shanghai’s Lufeng Road

Zheng Ruizhen counted herself among the last holdouts on Shanghai’s Lufeng Road

Zheng Ruizhen counted herself among the last holdouts on Shanghai’s Lufeng Road. Even as high-rises sprang up to surround her dilapidated home, the 50-year-old schoolteacher and her husband held firm. When city officials pushed them to sell, they said no. But then came China’s latest property bubble — a surge in prices that could have global repercussions if it pops. In August, an unremarkable piece of land around the corner from their place sold for nearly $2,000 a square foot, a national record and nearly 3 times the average land price in Manhattan. And so, Ruizhen’s husband, Sun Guojian, signed away their home for a price to be determined later. Then, earlier this month, Guojian died of a heart attack, something his wife said was maybe influenced by stress. Now, as Ruizhen grieves, she’s waiting to hear how much the Shanghai government will offer — but however much that is, she knows it won’t be enough for her to be able to afford to live anywhere close to Lufeng Road. @yuyang_liu_ photographed Ruizhen at home. Visit the link in our profile to read more about China’s property boom.

Shared by nytimes (The New York Times) and selected for Featured.

Related Shares


Leave a Comment