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