The record 73.1 million people attending the month-long World Expo in China during October pushed up rents and hotel rates in the Shanghai neighbourhood, which are now falling sharply, by up to 50% according to reports.
During the event two bedroom apartments in the area surrounding the Expo Park venue on the banks of the Huangpu river were fetching as much as 6000 – 10000 Yuan per month (with those in a 1.2 mile radius attracting the highest rents), but now rents have fallen 50% in the area according to Chen Yi, manager of the Expo branch of the Centaline Property Agency Ltd.
Hotel rates in the area fell by 47% from October to November, according to Qunar, China’s largest travel website tracking the city’s 2,000 hotels.
