The definitive guide to Shanghai by the people who know it best.

As this chapter's contrarian piece ("Did Anyone Say Bubble?:Investing in China's Stock Market")points out,expatriates frequentle talk about real estate as the one and only lucrative form of investment in Shanghai. But is it possible that the party is over?According to some pundits, the past three years of growth in property values in Shanghai have been a once-in-a-lifetime opportunity.And like those who stay at a party just a little too long,the slow down in purchase volume in today's real estate market may cause a headache or two once the party ends.If the party is in fact over-and according to official statistics transaction volume was down some 60％ in May and June 2005-then it's time to face reality. "...cooling off creats an opportunity for those that missed their chance earlier and there is still lots of money sloshing around waiting for the right time.Expect the slowdown to be brief." In this section,we look at exactly where you lmight want to slosh your money about in our article on Shanghai's 'hot' districts.In addition,we explore the enduring appeal of Shanghai's Lilongs and old apartment blocks as places to live,and offer some useful tips on how to renovate and restore a Shanghai art deco apartment to its former glory. For those who aren't looking to take the plunge into the local property market we look at leasing solutions.And if all this talk about terra firma makes your head spin,we also investigate the local stock market as an altemative for parking your hard-eamed money.