The world’s most valuable wasteland: Shanty town in the centre of Shanghai that has halted high-rise boom because the poverty-stricken owners have refused to budge for 16 YEARS

A view of old houses surrounded by new apartment buildings in Guangfuli neighbourhood, where property developers want to construct new high-rise buildings

Guangfuli, Shanghai, (pictured) is a run-down neighbourhood that developers want to build new high-rise apartments in - but those who live in the area refuse to sell their properties

A night view of the old houses surrounded by new apartment buildings at Guangfuli neighbourhood in Shanghai. Residents are refusing to budge as local authorities and developers seek to clear the land for construction 

A man shaves on the second floor of an old house in Guangfuli, showing the condition of housing in the area - a distinct difference to the nearby high-rise apartments 

Li Guoqiang talks on his phone outside his house at Guangfuli neighbourhood. Li, 38, is a deliveryman who rents a place at Guangfuli

Jiang Wei cooks dinner outside a six-square-meter house he rents with a friend. Jiang and his friend rent the house with a monthly rent of 450 yuan. This image of their living conditions shows the contrast between those in Guangfuli and the nearby apartments

Electric wires hang above a demolished old house at Guangfuli. One resident said property developers are refusing to pay what his property is worth

A boy rides a tricycle in between semi demolished houses. Hundreds of people living there have refused to budge from their ramshackle homes for nearly 16 years

A house belonging to Guangfuli resident Tao Weiren creates a stark comparison between the ramshackle homes in the area and nearby high-rise apartments

A man sits in an rubbish-strewn alley in Guangfuli, as multi-million dollar buildings stand in the background

An old house in Guangfuli is dwarfed by new apartment buildings in the background, an example of what the area will become if developers get their way

A man surnamed Zeng looks into the camera as he sits on his bed, in Guangfuli. Zeng, 89, lives alone and keeps all his belongings within reach on his bed as he has difficulty walking

A vendor selling pork takes a nap at a half-demolished house

Guangfuli resident Bian Jianhua poses for pictures at his home. The 48-year-old lives with his mother in an around 20-square-meter house

Bian Guohua stands outside his brother Bian Jianhua's place in Guangfuli, showing the living conditions in the run-down neighbourhood

A man surnamed Xu, 50, walks past a house carrying the Chinese character 'Chai', meaning 'demolition'. Xu's whole family used to live under the same roof together in Guangfuli

A man holds a family portrait at his home in Guangfuli, where residents of several decades ask why they should move for developers 

A woman surnamed Li stands inside the house she shares with her husband as pictures of her mother-in-law and father-in-law are seen on the wall

A sign board for a public toilet is seen attached to an electric pole (left) while women chat inside a store in Guangfuli neighbourhood (right)

A baby girl named Yueyue is held by her grandfather in an empty area outside their house, while apartment buildings can be seen in the background

A woman smokes as she starts her electric bike in Guangfuli, the neighbour resisting efforts by property developers to turn it into expensive apartment buildings

A dog runs on the remains of old houses covered with a green net in Guangfuli, which remains run-down as the nearby areas have been developed