SHANGHAI — Zheng Ruizhen counted herself among the last holdouts on Lufeng Road.

上海——郑瑞珍（音）认为自己是陆丰路上最后的钉子户之一。

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 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.

尽管近些年她破旧的家周围涌现出很多高楼大厦，但50岁的学校教师郑瑞珍和丈夫孙国建（音译）还在坚守。孙在那里长大。郑的学校骑车20分即达。他们的儿子也在这里长大，虽然儿子现在已经长得很高，头都会擦到狭小房间的天花板。市政官员催促他们卖房时，他们拒绝了。

Then came China’s latest property bubble — a frothy surge in prices that could have global repercussions if it pops.

然后出现了中国最新的地产泡沫——价格飞涨产生的泡沫一旦破裂，会对全世界产生影响。

In August, an unremarkable piece of land around the corner from Ms. Zheng sold for nearly $2,000 a square foot, a national record and nearly three times the average land price in Manhattan. Local officials grew more insistent and threatened to tear down their bathroom.

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