Sunday, October 14, 2007

Shenzhen Nail House

The owner of the well publicised Shenzhen Nail House, Cai Zhuxiang, has finally received the payment as requested. A reported amount of between 10 million and 20 million yuan (US$1.3 million to US$2.7 million) has been paid for that piece of land being occupied by Cai's building by Kingkey Group, the developer for that piece of land. Was it a pure business transaction or ransom against the developer by the land owner? Earlier, lower compensation was rejected and the owner held on to their property while their other neighbours had sold off their interests. Patience pays? Or ransom pays?

Right after the transaction has been publicised, the tax collector from the Luohu district office called up to demand for tax payment for the sum gained. Not only that, extortion phone calls came in asking the owner to withdraw the money from the bank. What a country!



Anonymous joy said...

Is China then the new land of opportunities? It's just a bit iffy as to what kind of 'opportunities' are available...

Have a great day!

Your Love Coach

14 October, 2007 18:02  
Anonymous said...

Oh well, thats China! Anythings happen there.

15 October, 2007 08:43  
Anonymous mercury said...

Although China is opportunities for developer to make money, there are many things can be happened using $$

16 October, 2007 02:19  
Blogger Johnny Ong said...

when the property developers launched those high end condos around KLCC area, ppl said the prices were too high.

in shanghai and beijing, it's nothing man. the prices in that 2 cities are least doube to quadruple the KL prices

16 October, 2007 14:06  

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