Extraordinary Building Activit Sale of Two Hotels: Shanghai Prefers Flats: The Old Type of "Compradoric"
Building No Longer Required Reporting on the real estate position in Shanghai, the Asia Realty Ca, write as follows:
In real estate, past years have Ted us to expect the last months of the year to. show a slowing up. From 1922 to 1928 this was the case with the single exception of 1925, when the May 30 affair brought affairs to a standstill, with strong reaction towards the end of the year. The year 1929, on the other hand, has shown brisk trading throughout, with transactions speeding up even to the end of December, surpassing all previous records, The size and importance of several of the transactions merit special mention. The outstanding transaction was, of course, the sale of the Majestic Hotel' property. on Bubbling Well Road, to a Chinese buyer. The sixty-two mow, with buildings and furnishings, sold for Tis, 2,373,500. property was purchased some six years ago for Tls. 800,000, Even after allowing for a considerable expenditure by the hotel management for improvements, the sales. price represents a handsome profit. for the holding.
also reported that the Burlington Hotel property on Bubbling Well Road changed hands at a figure around Tis, 500,000, At the south-west corner of Avenue Joffre and Avenue clu Roi Albert, the large residential estate of twelve mow, was sold for Tls. 280,000, Just south of this a Roi Albert lot was sold at over Tis.
20,000 per mow. On The Bund, the vacant lot lying south of ' the Central Bank, about two mow, w sold at Tls. 320,000 per mow.' One. half of the old Lyceum lot, the half along Yuen Ming Yuen Road, was reported sold at Tls. 115,000 per mow. Another large residential estate on Say Zoong was sold at figure reported to be Tls. 112,750.
Besides these larger deals, there have been transactions too numer-us to mention in all parts of the city. The transactions reported for the month totalled well over six cessive taxes imposed in China. The New York Stock Exchange crash has probably already affected, and will contifiue for atime to fect, China's exports. The shipping business seems to have pro-spored, though -at present the lack of outward cargo is felt; there have also been numerous local difficulties, local cotton mills leading. Aside from the flurry in cottons and rubbers, shares and debentures have maintained a steady market, Money has been easy throughout the year, at correspondingly easy rates, and there is no indication of tightness even for the Chinese New Year.
The easy money condition is ascribed to disturbed conditions outside of Shanghai, bringing money into the city for protection and investment. The outstanding investment deal of the year was, of course, the purchase of the Electricity, Department by the Shanghai Power Company, an event which should hav reaching. effects on Shanghai's investment markets, We may say then that general Dusiness, apart from Real Estate, for the year 1929 should be called Fair.
Real Estate Trading and Rentals Real Estate trading, following a year which offered more in hopes than in actual transactions, has been brisk throughout the year, Every month was reported as acive with the exception of July. Reference has been made to the increasing activity towards the end of the year. The Central District, Bubbling Well Road and Avenue Joffre have been the centres of interest. Inquiries continue strong.
The rental situation, which governs the real estate market, hi strengthened for offices, godowns, Chinese shops and houses, foreign shops, foreign residences, and apartments; while there has been unusual rental increase, there has been a decided upward tendent Building Operations for the prices paid hi highest. on record. logical sequence to the years preceding? availabi® in Shanghai, and with new buildings rapidly filled by the growing population, the process of mortgaging, and again for further construction solution: The disturbed conditions outside of Shanghai and the real estate principles. spread in th teachings of Sun Yat-sen, brought multitudes of people and their wealth into Shanghai for protection. Here they. feel that real estate, under foreign title deed, offers the very best investment op-
Approaching the End of the Year On approaching the end of the year 1929, we find a condition of fairs which oven in this city, nccustomed to extremes of prosperity fand adversity, is unusual. Ask of the importer, what of his business' And his reply is, Poor, Fair, perhhaps Good. Ask of the exporter, and he answers, Bad. Utter con: fusion. in political and military matters has prevailed throughout China, only a fow days since threatening the very capital of the strongest government China has known in decades. In her foreign relations, the Nanking Government come upon many an impasse:
of extrality? What of the Building construction has moved ahead at an unprecedented rate in parts of the city, accommoda-having been engaged long before completion; constructions pro-Jected would indicate that the total for the year 1980, should surpass. even the record figure of 1929, It cannot be said that any one section was favoured. Tu the Con tral District, while there ws new construction of imposing character, we did see the final open= ing of the Sassoon Touse and' the Cathay Hotel. "Several central blocks, were rebuilt, particularly along Szechuen Rend, The Eastern District was active, with factories, godowns, ete. The. French Conce Sion and the Western Extension have seen large numbers of foreign residences go up. In all parts of the city" there have" been large Blocks of Chinese shops and houses, and of semi-foreign houses. But the most significant construction deen in apartment buildings for foreign occupancy, and interest centred in the completion and open-Jing of the Cathay Mansions.
Tndications are that Shanghai destined to become an apartment city just as are New York and London. 'Ten years ago, there wore no apartment buildings' in Shanghai. To-day, approximately thirty buildings provide from 800 to 3,000 apartments. New projects will bring in from 500 to 700 more. Who will occupy them? "Even if these apartments were for foreign occupancy alone, the community would take care of them. As we Provisional Court? Of the Concession and Settlement?
And yet, as we approach the new year, we find a spirit of optimism.
shall probably find that the Customs figures for imports and exports are actually higher than in previous years. True, imports have been hit by exchange and by trafic interruptions; much cargo. lies in Shanghai's godowns; but even s0, many lines, such as oil and building materials, the import busi ress has been active. Exports, in the face' of favourable exchange, have been hard hit through interrupted transportation and lack of demand abroad, not to' mention ex-become better accustomed to apartment dwelling, more and more will there of us who wish to live near town take advantage of the comfort offered by apartment residence. And furthermore, indications are that the near future many Chinese take up apartment living; in fact, this manner of living may become actually the vogue Yor Chinese.
Tt foes without saying that the newer construction of all types shows material improvement over folder buildings. This also. holds true for strictly Chinese houses, which are being better equipped with plumbing, heating, lighting and other comforts than ever before, Repeatedly, year after year, attention is called to the increasing [building costs, There are sound reasons for referring to this again, The serious exchange drop of a few months ago, has, raised the construction cost of foreign buildings 7 per cent. or 8 per cent. On top of that, the increased Customs duties have added another small _percentay Labour has gone up. The year has probably registered a 10 per cent. or 12-per cent, increase in the cost of building, particularly as referring to foreign edifices,
Text read from the printed page and cleaned; old type leaves the occasional error.