A house whose owner refuses to give it up has been flanked by new buildings in Shenzhen, southern China's Guangdong province, June 13, 2016. 

In 2011, for the 950 square meters of building space located in the Longhua New District in Shenzhen, Guangdong province more than 20 million yuan was offered as compensation by property developers who would demolish it and build new apartments thereat.

But an agreement was not reached between the owners and the developers.

Five years on, the lonely seven-story building is now flanked by new buildings and it has attracted the media's attention again due to the newly emerging “land king” located in the Guangming New Area recently. The area is half-an-hour drive from the Longhua New District.

On June 8, a 152,400-square-meter piece of land in the Guangming New Area was auctioned for 14.06 billion yuan, with the land pricing at 92,232 yuan per square meter. It is the highest amount ever paid for a single piece of land in China. However, the location of the Guangming New Area is not as good as the Longhua New District.

A house whose owner refuses to give it up has been flanked by new buildings in Shenzhen, southern China's Guangdong province, June 13, 2016. 

In China, "nail houses" are houses that are left standing amid development in cases where the owners are unwilling or unable to reach an agreement on the demolition of their property. "Nail houses" are a phenomenon of rapid urbanization.