Older homes on Lufeng Road, including Zheng Ruizhen’s house. New apartment towers loom in the background.Credit...Yuyang Liu for The New York Times SHANGHAI — Zheng Ruizhen counted herself among the last holdouts on Lufeng Road. Even as high-rises sprang up in recent years to surround her dilapidated home, Ms. Zheng, a 50-year-old schoolteacher, and her husband, Sun Guojian, held firm. He grew up
The real estate market in Phoenix Island, a development project in the Chinese island province of Hainan, was so inflated, so outrageously expensive and unsustainable, that it became known as the Dubai of China. With its palm tree-lined streets, glimmering high-rises and ostentatious sports cars, it even looked a little like Dubai. And now, also like Dubai but maybe more in the vein of south Flori
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