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Shanghai's Pudong, Once Soulless, Rises Up
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Tags: Current Focus, China,
The resurgence of the Pudong District of Shanghai, with large investments, an industrial base, migration to the cities, and favorable location at the mouth of the Yangtze River. Since 1995, 70 skyscrapers and 120 million square metres of floor space according to official estimates, have been built in Pudong. Real estate agency Jones Lang LaSalle says occupancy and rates compare favorably with Manhattan in New York. New York has 10.3% empty space compared to 9.5% for Pudong, and space is leased for $693 per square meter annually in Pudong, 10% higher than in midtown Manhattan. The migration to the cities and a growing middle class have proved skeptics wrong over the years about the ability of real estate developers to fill the space they created. Also helping is the central government's plans to focus investment on Shanghai as the business capital of China.
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