When A Country Lacks Eminent Domain Amazing Things Can Happen
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You have to love the homeowner that would not give in to the pressures of a developers in China. Of course, this developer I would not want to meet in a game of Poker either.
The villa now stands alone in a 30ft deep man-made pit in Chongqing city, reports Jinbao Daily.
The Chongqing Zhengsheng Real Estate Company wants to turn the area into a £40m ‘Broadway’ square, including apartments and a shopping mall.
But the owner of the villa says he won’t move out unless the company pays his price - the equivalent of £1.3 million.
“The villa owner refuses to move, so the real-estate developer has had to dig out all around it to force him to,” says a saleswoman at Weilian Real Estate Sales Company. via Ananova
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Comment by Rocco on 15 March 2007:
Now that’s funny. No way in and no way out.The guy put up a good fight, but I think it is time to sell. I would like to see what happens if he decides to hold out even long though.
Pingback by TrafficCourt » Blog Archive » If There Were No Eminent Domain on 20 August 2007:
[…] (Courtesy Boing Boing via Real Estate Bloggers) […]
Comment by Robert on 6 November 2007:
HAHAHA! That is funny.
I would not care about eminent domain if I knew the city isn’t going to turn it over to big box mart and the people who lost their homes got a pittance. I’d say if a home depot or something wants a neighborhood, then give the former residents a percentage of the profits for 10 years or so. That will make sure the big box marts do not grab minority or older areas at fire sale prices. Large corporations typically get land for free and do not pay taxes for years after they take this land from the former owners.