An Empty Shopping Mall in China
This video has been popping up all over the place, Paul Allen of Bloomberg reporting from the empty New South China Mall in Dongguan, China, another sign of overbuilding in the Middle Kingdom that some, like short seller Jim Chanos, think will end badly.
From Bloomberg:
Allen tours the South China Mall, originally conceived as the world’s largest mall, and finds retail space that has been largely vacant since 2005. Here is Allen’s key highlight from the report, courtesy of Bloomberg Television: Allen reports, “The reality at South China Mall is somewhat different: shuttered shops, unfinished, never occupied by a single tenant. The few retailers that are here have favorable leases, but little profit.” Allen also states that despite obvious problems, the mall’s owners plan to expand to more than one million square meters of retail and residential space will be available.