I’m sure that’s the whole story.
Comment on Public transit in Chengdu, China versus Toronto, Canada
jaschen306@sh.itjust.works 1 day agoLies. My family had a factory in Wuxi, China. 2 buildings that were dedicated to dormitories. 4 buildings dedicated to manufacturing promotional products.
We were able to lease the land for 50 years with a 50-year option at the end of the term.
Around year 5, the government decided to turn the main dirt road into a proper road. They took back 1/4 of the land. They just used our area for staging.
About a year after the road was made, they decided to expand the road. They took back now 1/2 of the original land and buildings.
Less than a year after the expansion, they turned the 4 lane road i to a highway. They took the entire land back. My family invested millions of dollars in buildings and infrastructure. We got back pennies on the dollar spent on the investment on compensation.
My family never fully recovered financially.
Bloomcole@lemmy.world 1 day ago
Alcoholicorn@mander.xyz 1 day ago
Huh, if the government has that power, why don’t they use it for stuck nail houses? I talked to a few people in shenzhen who made significant sums selling land to developers.
Different type of ownership due to your family purchasing the land vs inheriting it? Different provinces?
jaschen306@sh.itjust.works 22 hours ago
I don’t know. Wuxi is significantly smaller than Shenzhen. I think it was around 2 million people at that time.
They didn’t give my parents much of an option. When they did finally take the land away, they did offer to relocate us to another location, but at that time, my family was already struggling from the 2nd loss, my parents just ended up closing the business all together.