How low did the Shanghai World Financial Center rent go per square meter?
SHANGHAI, Jul 01, 2009 (SinoCast Daily Business Beat via COMTEX) — FCTB | Quote | Chart | News | PowerRating — Shanghai World Financial Center, the highest building in Mainland China, saw daily rent fall to CNY 8 a square meter, equivalent to 40% of CNY 20 a square meter when the building was promoted and CNY 10 a square meter at the beginning of this year. A Colliers International employee said during an interview on June 30, 2009 that rent rate of the Shanghai World Financial Center had reached 50% to 60%, but the daily rent was about CNY 8 a square meter only, falling some 60% over the price when the building was launched. Starting construction in 1998, the Shanghai building finished on August 30, 2008. Official quoted rent of part of office buildings was CNY 20 a square meter, the highest among all office buildings in Shanghai, the financial hub in China. However, hit by the global financial crisis, rent of office buildings in Shanghai has continued falling since October 2008, an
PUDONG NEW AREA OF SHANGHAI Pudong New Area (east side of Huang Pu River on the side opposite the Bund) is a 208-square-mile (522-square-kilometer) area with industrial parks, some of the world’s tallest skyscrapers, billion dollar auto and steel plants, foreign factories, and housing developments. There are separate zones for finance (Luijazui), high tech development (Zhangjiang), export processing (Jinqiao) and trade (Waigaoqiao). Dong means east side of the river. The heart of Pudong is basically a group of trophy skyscrapers plunked down in what used to be rice fields. Conceived by former Shanghai mayor and Chinese prime minister Zhu Rongji and designed to be China’s premier “free economic zone,” Pudong was built from scratch with its own international airport. Many of the showcase building are designed by famous architects from Italy, Japan, Spain and the United States. The land used to be occupied by marshes, farms, once-story building and rice paddies. Central Pudong is filled w
This is equivalent to 40% of CNY 20 a square meter when the building was promoted and CNY 10 a square meter at the beginning of this year. A Colliers International employee said during an interview on June 30, 2009 that rent rate of the Shanghai World Financial Center had reached 50% to 60%, but the daily rent was about CNY 8 a square meter only, falling some 60% over the price when the building was launched. Starting construction in 1998, the Shanghai building finished on August 30, 2008. Official quoted rent of part of office buildings was CNY 20 a square meter, the highest among all office buildings in Shanghai, the financial hub in China. However, hit by the global financial crisis, rent of office buildings in Shanghai has continued falling since October 2008, and so did that of the highest building. Sources: http://www.tradingmarkets.com/.
