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The arrival of Wal-Mart Inc., the world's largest retail-chain, has driven-up housing prices in the vicinity of its first local store at the foot of Nanpu Bridge in Pudong, Tuesday's Eastday.com said.
Rental prices for two-bedroom homes have increased by 200 yuan (US$25) to 2,000 yuan since the store opened for business two weeks ago, according to eRehousing, a housing broker.
The broker attributed the rise to Wal-Mart's presence, pointing out that the demand for nearby homes has jumped due to a Wal-Mart staff seeking to use nearby homes as dormitories, which their employer doesn't provide.
In consequence, sales of two-bedroom homes of between 70 and 120 square meters has soared, eRehousing said. Most of the buyers are investors who then rent-out the apartments.
The commercial sector has also seen a rise, with the monthly rental for a 60-square-meter store leaping from 8,000 yuan to 11,000 yuan, Eastday.com said.
Staff with ERA Real Estate Consulting Co Ltd, another local property dealer, said they have received many enquiries from people looking to start businesses such as cafes and bars near to the hypermarket.
It's believed that the throngs of shoppers to Wal-Mart will boost local dining and commercial businesses.
(Shanghai Daily August 16, 2005)
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