The renowned Jiuxing furniture market in the suburbs of Shanghai was demolished yesterday.

Over the past 19 years, the market that housed shops selling building materials, furniture and household items had turned some 5,000 people into millionaires.

According to a Global Times report, 9,000 commercial tenants were evicted earlier this year to make way for an urban plan that will turn the area into a high-end business centre and residential community.

A new market for construction materials will also be built in the area.