When an Acre of the Bund was a mere four million bucks

The idea that the West is obsessed with ridiculously high property prices in Shanghai – “it’s a bubble”, “no it’s not”, “yes it is” – and that they are indeed ridiculously high is, of course, nothing new. The American newspapers in 1935 were incredulous that an acre of land on the Shanghai Bund was worth four million dollars!! Of course four mill wouldn’t get you much these days and yuo can’t buy land anymore anyway….