Top 500 Companies and Foreigners Have All Left, Shanghai’s Rents Have Plummeted!

On June 5th, a real estate industry insider in Shanghai appeared on Fuxing Middle Road, pointing to the deserted buildings on both sides of the street, “This place used to be packed with foreigners. Now, there’s not a single foreigner around, only Chinese. All the foreigners have left.“ Following this, he brought up the rent situation in Shanghai. He said that in places like Mingyuan Century City, Jiali Garden, Huijing Garden, and Wutong Garden, the rent was usually tens of thousands per month, and the tenants were all foreigners. “These are the world’s top 500 multinational companies. They’re rich and spend company money. Now they’re gone, and these houses are empty.“ #shanghai #chinaeconomy #foreigners #chinaobserver All rights reserved.