Prices in Shanghai Are Out of Control!!(ZT)

www.shanghaiexpat.com


The so-called “Cost of Living”…it’s the boogeyman that haunts cities around the world, and the subject has, unsurprisingly, been coming up in circles around Shanghai quite a bit lately. I happen to frequent many of the fine food and beverage establishments around this great city – sometimes for pleasure, sometimes for business, but mostly for pleasure. And there are a lot of places to get great food and first-class cocktails, but I have to get something off of my chest: Prices in Shanghai Are Out of Control!!

New restaurants, bars and nightclubs are opening up (and shutting down) all the time. Expats flock to these new places in droves, ready to open their wallets and spend their hard-earned money on instant gratification. Until they open the new bar's drink menu and notice the inflated drink prices – anywhere from 40-100RMB for A BEER, often even more for a cocktail. Some places offer the give the two-for-one drink special, which is sort of like a witch leaving a trail of breadcrumbs to lure Hansel and Gretel into the cauldron.

A very useful Chinese phrase for this situation would be (thank you Mandarin Garden): Tai Gui Le (It’s too expensive)!! But it’s not just food and beverage that’s getting to be prohibitively expensive for the average consumer. Anyone who has avoided fake malls in favor of the negotiation-free department stores knows that apparel is also getting Tai Gui Le. A new pair of quality running shoes, purchased on Nanjing Xi lu or Huaihai lu, could easily set you back 1200-1500RMB.



Somewhat ironically, there’s a good chance these shoes are actually Made in China, and there seems to be this pervasive myth among tourists and outsiders that “Things in China are so cheap!” Some people travel here with the naiveté of a child spending their parents’ money, thinking that Shanghai is this purchasing paradise where tailored-made suits grow on trees.

Not true, people, at least not true in Shanghai. The cost of buying food and drinks, not to mention clothes, electronics, and housing, is getting out of control. 60RMB for ONE cocktail isn’t unusual; neither is paying 1000RMB for a dress shirt at a less-than-high-end retail store. The other day I ordered Greek Taverna from Sherpas. I ordered a simple meal and a small appetizer for a total of 140RMB (delivery charge included). What I got in return for my 140RMB was the small appetizer, a tiny portion of chicken and rice, two pieces of pita bread, and nine fries. NINE fries; I counted them. I’m telling you right now, the prices in this city are out of control. It’s madness.

Yes, you could tell me about the reports of the unexpected year over year inflation being 3.6%, or that food prices rose an unbelievable 7.5%. You could also tell me about how the strength of the RMB has nearly doubled in the last 5-10 years (as compared to the U.S. Dollar). But all of that doesn’t matter to me, as someone who’s been here less than two years. All I care about is how many fries I can purchase with my RMB, and that number seems to be getting smaller.

ShanghaiExpat Stuff

For those of you interested in a good pot of chili, this weekend Pistolera will be having their 2nd Annual Pudong Chili Cook Off. It’s in Jinqiao and starts at 12pm, and 100RMB gets you all the chili you can eat. Yours truly will be one of the judges in this competition so come down and check it out!

If you don’t want to trek all the way out to Jinqiao for some chili this Saturday, April 21, SHEX is having a Laser Tag Event at X-Club. The event starts at 2:30pm and you can RSVP for a price of 150RMB, which gets you two rounds of laser tag, free flow Carl*****erg draft beer, soft drinks and snacks. RSVP by sending an email to: [e-mail].

Next weekend, April 28, the KIA X Games Asia will be going on at the KIC Jiangwan Sports Center. It’s the 6th consecutive X Games in Shanghai and festivities will be happening all weekend, from April 28th‑May 1st.

ShanghaiExpat would like to mention Standard Chartered Breeze Banking, who is currently offering free processing charges for to transfer RMB online from anywhere in China. Breeze Banking from Standard Chartered – a new way to bank.

Mike Finstad is the Managing Editor of ShanghaiExpat. If you have any comments or questions about this Newsletter, please send an email to: [e-mail].

所有跟帖： 

• seems the GBP/CNY PPP has been reached -趙飛燕- ♀ (39 bytes) () 04/17/2012 postreply 08:43:56

• May be not housing price if comparing London with Shanghai -yasas- ♂ (257 bytes) () 04/17/2012 postreply 08:56:07

• 按rental yield算上海絕對超倫敦了。;p -趙飛燕- ♀ (0 bytes) () 04/17/2012 postreply 10:02:34