In Depth: How One Acre in Shanghai Sparked a 20-Year Legal Battle

In 2003, Shenzhen entrepreneur Liu Jianshe needed money.

The year before, the Beijing native had acquired the 50-year rights to develop a coveted plot of land in Shanghai’s Lujiazui financial district for 219 million yuan ($30.2 million). He envisioned the 1.56-acre plot as the future site of an “international securities tower” located next to the Shanghai Futures Exchange, with Shanghai’s iconic Oriental Pearl TV Tower just to its northwest. The company that Liu set up to manage the project, Shanghai Ruizheng Investment Co. Ltd., had until the end of 2003 to pay 20% of the transfer fee as required under the land-use rights transfer agreement.