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August 28, 2007

Shanghai's blue-blooded nail house

baoqing.jpg
Number 3 Baoqing Rd, at the corner of Huaihai Rd near the Changshu Rd metro station, is an old colonial-style house with almost 4000 square meters of attached private gardens. For 55 years, award-winning and state-honored Shanghai painter Xu Yuanzhang and his family have lived in this house, upkeeping the house and gardens that his grandfather Zhou Zongliang purchased from a German owner seven years after it was built in Shanghai's booming 1930's.

But now, with Shanghai's real estate market being red-hot -- the residence including gardens has been appraised at over 26 million US dollars -- and 13 heirs spread across several countries and generations claiming rights to the property, the situation turned contentious. After a court order to liquidate the property and distribute the gains to the heirs, the two grandchildren entrusted with the sale, Zhou Guangren and Zhou Ping, shadily sold the property to a developer for nearly a third of its appraised market value. Meanwhile, Xu Yuanzhang has been served by the Xuhui District courts with an order to move off of the property he now unlawfully inhabits, a court order which will come due on September 15th and which he promises to fight.

The property development company that acquired 3 Baoqing Rd from the Zhou grandchildren has offered Xu and his relatives a fifty-square meter apartment in Minhang, which if interpreted in the most obvious way is a pretty nasty kick-while-he's-down. It's hard to feel sorry for Xu, though, who for all his sentimental pleas to the public would, according to the article linked above, settle for a 150 m² luxury apartment in the city center, RMB 300k to cover the apartment's renovation and an cozy RMB 4 million in extra cash.

Will the property be bulldozed and turned into an All Days? Will Xu get to stay in his childhood home or move on to enjoy a life of debauchery in a Huaihai Rd penthouse? Or perhaps stew in his own bile in a Minhang stinkhole? Stay tuned.

Photo by ♥luckjiujiuling.


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Comments (5)

I want to buy that place and protect it. How does that happen?

 

That's horrible!! I don't care about the politics but he should just get the place because he's old. "respect your elders." :)

 

Respect is something earned, not automatically given. And in this case the guy certainly doesn't seem to deserve it.

 

How do you figure that? The property has been apparently been sold for a third of the appraised value of 26mio USD -- or approx 64mio RMB. With 13 heirs then he'd be entitled to ~5mio RMB. If the house was sold for the appraised value he should get 15mio RMB. Personally I think this guy is a getting a raw deal!

 

Here's the Chinese Google News search for Xu Yuanzhang's name, see if any articles appear closer to the proposed eviction date:

http://news.google.cn/news?hl=zh-CN&ned=ccn&q=%E5%BE%90%E5%85%83%E7%AB%A0&ie=UTF-8&scoring=n

 
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