This sentence in a fibre2fashion.com story about Shanghai’s Dongjiadu Lu fabric market got our attention:
An average silk dealer at this market earned around 10000-10500 yuan or US $1,235-1,300 in a single day. (Italics added by Shanghaiist.)
That is US$450,775 to US$474,500 a year on average. That means some are making more. Unless we are talking the big men behind the market — the guys who own dozens of stalls — consider Shanghaiist skeptical.
As we told you a while back, the Dongjiadu Lu market is scheduled to close and move to an enclosed location some 500 meters away. We reported that the name of the new market will be Shanghai South Bund Fabric Market. fibre2fashion.com is saying the new name is Shanghai South Bund Soft-Spinning Material Market — let’s hope they are wrong.
The new site at 399 Lujiabang Lu is apparently open now, and dealers are offering discounts to attract customers to the new venue. Don’t expect that to last, however. Rents at the new location are reportedly 20 percent higher.
But that’s nothing to a bunch of millionaires.