Shanghai’s once biggest market for building materials gets makeover
Print Edition
Blueprints for the overhaul of Jiuxing Market, once China’s largest building materials emporium, have been released.
They picture the transformed of the area into a new, more modern market, a business center and residential housing.
The old market in Qibao Town was demolished last year to make way for urban renew-al.
In its heyday stretching back more than 20 years, the market was so successful that some of the area’s 5,000 villagers turned into millionaires.
Their village, once a poor commune with debts of 17.8 million yuan (US$2.8 million), recorded assets of 3.58 billion yuan by the end of 2016, the biggest of its sort in Shanghai.
The urban renewal plans resulted in the eviction of 10,000 commercial tenants in three months. Most of the vendors were relocated to markets in Qingpu, Jiading and Jinshan districts. Cash and other incentives were offered to nudge along holdouts.
As one door closes, another opens.
On December 28, amid the ruins of the old market, an awards ceremony was held to honor “honest vendors.” More than 300 vendors attended, with some 20 winning honesty titles that will give them priority in securing a place when the new market opens.
“The day the new Jiuxing Market is completed, we will be back,” said Zhu Hanren, one of the award winners. “We are just leaving temporarily.”
More than 1,700 vendors have already applied for space in the new market. Shanghai Jiuxing Holding Group has signed contracts with 329 of them so far.
Wu Enfu, Party secretary of Jiuxing village and chairman of the board of Jiuxing Hold-ing, told the media earlier that the market suffered a loss of 1.2 billion yuan in 2016.
“The new Jiuxing market will continue the legend,” Wu said. “It will be a new draw and the hope of all Jiuxing villagers.”
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