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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (13918)	10/23/2004 9:17:01 PM
From: BubbaFred	Read Replies (1) \| Respond to of 116555

Most of the newer apartments (condos in US) are getting larger as there more affluent people. In Shanghai central district, the apartment buildings are over 20 stories high due to cost of land, whereas in the outlying districts (within 20 miles), the buildings are 6 to 10 stories high. A 120 sq.m. apartments used to be large and luxurious. The newer large apartments are 180 to 200 sq.m. and they are more luxurious yet, with two balconies. I met a fellow from New York who just sold one of his two apartments for double the price he bought five years ago. He used the proceeds to buy a larger 185 sq.m. apartment that's under construction. He plans to buy two more in the next year. The amenities of the newer apartments are definitely super deluxe by western standards. Not cheap construction either. No vibration or noise going through the walls or floors. Wood flooring and wood trimmings. Furnitures are rose wood or solid wood equivalents. Typically these larger apartments are three to four bedrooms with two baths and one or two balconies. The cost varies between USD 300,000 to 500,000 in Shanghai central district. About half to 2/3 the cost in the suburbs, and they are sprouting along the new rail subway lines. And the supermarkets should be the envy for US consumers. The chain store Au Chian sells household goods as well as bicycles, pharmacy, clothes, refrigerators, motor scooters, clothes, all type of foodstuffs including fresh produce and meat - all in one store. OK, no cashmere or finer clothes in this store, but there are plenty of American style junk foods (potato chips, Coke and Pepsi, hot dogs, ice cream). And of course, adjacent to the store are McD and KFC among other fast food restaurants. Many younger folks (I spoke to teachers) can't save either, like Americans. Them fools prefer eating at restaurants and spend time with the internet or play mahjong, so they don't save and can't afford apartments. And many young females have dreams of meeting that special guys - rich guys. They have and live with boyfriends but don't want to get married because they are waiting for that Mr. Rich. Taxi drivers have to qualify by passing a test (exam). They are not supposed to get lost or take tourists (they are both domestic and foreign tourists) on round around exursions. Most tourists in Shanghai during national holidays are from other parts of China, not foreigners. Most foreign tourists are Asians. Some taxi companies require the drivers to stop the meter if they get lost so customer don't get charged more than they are supposed to.