Second City Investments: Shanghai
Posted by Jude Buttle on Wednesday, September 10, 2008
Originally a fishing and textiles town and now known as "the Paris of the Orient," Shanghai offers a unique mix of east and west and is the perfect embarkation point for visitors to China.
The Oriental Pearl Tower - photo by adpowers
Fast Facts
Country: China
Population: 18,450,000
Area: 7,037 km²
Currency: Renminbi yuan (CNY or RMB)
Official Language: Standard Mandarin
Telephone Code: +86 21
Setting the Scene
Shanghai is located on the central eastern coast of China at the mouth of the Yangtze River and is the most populous city in the country.
Shanghai is said to be the birthplace of everything modern in China and is home to some of the most exquisite examples of traditional and contemporary architecture, including the Jin Mao Tower, an 88-story supertall skyscraper in the Lujiazui area of the Pudong.
The city boasts some of the country's most famous historical landmarks, such as the buildings and wharfs in the Huangpu District called the Bund and the Oriental Pearl Tower.
Major Industries
At the end of the 19th century, Japan built the first factories in Shanghai, which were soon copied by other foreign powers to accelerate the emergence of the Shanghai industry.
The area soon became the most important financial center in the Far East. Today it's still a major city for business and commerce and many large corporations base their headquarters there. Shanghai is also one of the world's busiest ports for cargo and container traffic.
Recently the city has seen massive growth in the construction industry as the demand for housing increases and many high-rise apartment buildings are springing up. Parks have been created in between the developments to make the areas greener and more environmentally friendly in accordance with the "Better City - Better Life" theme of Shanghai's Expo 2010.
Shanghai Lifestyle
At the crack of dawn, many residents can be seen practising martial arts, traditional dances or playing croquette in local parks and at the People's Square.
A pastime that is unique to Shanghai is the ancient art of Ping tan, which is a form of storytelling that traditionally has only one performer. The performer sits on the stage with only a couple of props and tells stories of lovers and Chinese legends.
The city is reputedly the best location for shopping in China, with its mass of shops, department stores, shopping centres and bazaars.
The area of Shanghai Xin Tian Di is a particularly popular pedestrian street with both traditional Shikumen style buildings and modern architecture, which is divided into two areas with food courts, fitness centres, cinemas and even more boutiques and shops.
The city has many restaurants that offer international cuisine as well as traditional food. The local delicacy - which is only served when it is in season between October and December - is Da zha xi (hairy river crabs).
As night falls the city is lit up with coloured lights and the area becomes a hive of activity. There are numerous 24 hour bars, discos, karaoke clubs, Coffee houses and Tea houses to choose from, all of which are popular places for friends to meet.
Leading Lights
One of Shanghai's favourite sons is the 110m hurdler, Liu Xiang, who until earlier this year was the world record holder with a time of 12.88 seconds.
Liu is the current World and former Olympic champion and was the hot favourite to retain his crown at the 2008 Beijing Olympics, held in his own country, until he sadly pulled out of the competition with an injury.
Capital Comparison
Beijing is the capital, political and cultural centre of the nation, while Shanghai is a more populous modern metropolis. Beijing is the emperor's seat in the north, whilst Shanghai is the giant of the south.
The people in Beijing have a reputation for being very friendly and more welcoming than those in Shanghai, which has been described by some visitors as a soulless concrete capitalist jungle.
Property Insight
China experienced the highest property price rises in the world in 2007, with Shanghai prices surging by 34 per cent.
The Chinese government introduced rules limiting foreign ownership of investment property. Only foreigners who have worked or studied in China for at least a year are allowed to buy a home.
The rapid growth of the Chinese economy and the demand from foreign investors pushed residential prices in Shanghai up by 58 per cent between 2000 and 2005.
Shanghai rents have also been rising since 2000, especially in 2001 and 2002, then again in 2005 after a brief period of relative stability. The prices of prime properties in the city rose by almost 30 per cent, according to figures by the Global Property Guide.
Conclusion
Shanghai is a dynamic and cosmopolitan city, whose locals like to work hard and play even harder. The city blends traditional Chinese values with modern Western attitudes, making it a place hard to resist.
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