Economists warn China's property bubble will be difficult to resolve

Shanghai

ZHENG Ruizhen counted herself among the last holdouts on Lufeng Road.

Even as high-rises sprang up in recent years to surround her dilapidated home, Ms Zheng, a 50-year-old schoolteacher, and her husband, Sun Guojian, held firm. He grew up there. Her school was a 20-minute bicycle ride away. They had raised their son there, though he eventually grew so tall that his head grazed the ceiling of his cramped room. When city officials pushed them to sell, they said no.