Biggest shopping mall in the world - 99% empty.

[GoFlyKiteNow]

New South China Mall

New South China Mall is the largest mall in the world based on gross leasable area,
and ranked second in total area to the Dubai Mall.

Notably, it has been 99% vacant since its 2005 opening.

Since its opening in 2005, the mall has suffered from a severe lack of occupants.
Much of the retail space has remained empty, with over 99% of the stores vacant.

The mall has seven zones modeled on international cities, nations and regions, including Amsterdam,
Paris, Rome, Venice, Egypt, the Caribbean, and California.

The only occupied areas of the mall are near the entrance where several Western fast food chains
are located and a parking structure repurposed as a kart racing track.[11] A planned Shangri-La Hotel
has not been constructed.

This is an echo of the Chinese government asset-allocation decisions.

China also built a whole city, Ordos, in Inner Mongolia, for million residents
who never appeared.
.

 

[zuoom]

sounds like the south sea bubble ... both south.

Ordos is a different case though.
it's to relocate the people in the old city to the new city.

it's THE solar city for China.

 

[scoobyhoo]

New South China Mall



China also built a whole city, Ordos, in Inner Mongolia, for million residents
who never appeared.
.

can ask those who want to migrate to stay there.

 

[eatshitndie]

sounds like the south sea bubble ... both south.

Ordos is a different case though.
it's to relocate the people in the old city to the new city.

it's THE solar city for China.

the problem with the new ordos is that the prices of homes are too high for the average locals to buy. the local officials built it to inflate gdp numbers, just like every municipal/provincial official is trying to do. they are in this stupid game to outdo each other. ultimately, oversupply will far surpass the pitiful demand, and the bubble will burst.

 

[saratogas]

No need to say others, Sinkapore too have many retail shops, almost every mall selling similar stuff. The latest ALT at Heeren is very empty also. Can these retain business sustain or not?

 

[zuoom]

yes, that's what the video report (from RT Russian Times or was it Aljazzera) that mentioned the price was too high for the locals.

and in another report, about how China herself is relying on investment spending to prop the massive GDP numbers up. they mentioned something about that in order to maintain the 8 above figure as stated by the central government, these 2-3 tier cities would have to be achieving double digits growth numbers to sustain the big 8.

now that the 1st Tiers cities are burning out in the property market scene, there's the spillover effect that would be coming over to 2nd n 3rd.

however, back to the solar concept that Ordos is pushing. this is in line with the next big wave in green energy/concept spending. for that, they are well in good hands i would say. all along, it's have been a chicken n egg thing. green energy was too expensive about 5-10 over years back. now, with china pushing hard on the solar trail. it literally suddenly becomes affordable to go solar.

and if anyone is to do that. it would be china. not USA, non Europe zone. i quote one example i can think of. the electric bike. that's the first step in green transport. in the last 5 years. the E-bike market boom. from the usual mountain n regular bike the people are riding, almost overnight the people bought these new bikes to transport them around.

china is very big. some places will boom big time. and some places will bomb big time also.

 

[no_faith]

ya man, look at dubai, in deep shit now.

there are examples to be learnt.

even sg, same ting. the orchard ion? the sengkang market?

they are actually cater for who?

i dun tink the ratio of ppl able to spend more are higher than ppl who have difficulty to spend.

 

[halsey02]

can ask those who want to migrate to stay there.

They all migrated to Sentosa Cove..where everything is fake...the sea front, the trees, the.............:p

 

[KennyMGM]

sounds like the south sea bubble ... both south.

Ordos is a different case though.
it's to relocate the people in the old city to the new city.

it's THE solar city for China.

Here is an article on the retail business in China.
http://www.grindstonefinancial.com/2010/02/chinas-empty-malls.html
Tuesday, February 23, 2010

China's empty malls

It always struck me as odd that all of the leading luxury goods makers - whose products were being copied and mass produced in China before ending up on Canal St. for $50 - were rushing to bring their $3,000 handbags to Beijing. I've never been to Beijing or Shanghai, but I found this observation from The Peking Duck blog pretty interesting...

"Anyone who’s walked around Shanghai’s more prosperous areas (and Beijing’s as well) is well familiar with the glut of luxury stores, with Bulgari and Gucci boutiques everywhere you look. I would sometimes stand outside the shops and watch for as long as half an hour and I remember seeing the shopkeepers going to fantastic lengths to look busy. One of them kept dusting the shelves obsessively. Another kept a book (or maybe a magazine) discreetly under the counter, at an angle where she could read while keeping an eye on the front door."


"The Place (a mall) is around the corner from my office, and this was my first trip back in about two months, I was shocked at what I saw. Fifty percent of the eateries in the basement were boarded up. The cheap food court, too, was gone, covered up with ugly blue boarding, making the basement especially grim and dreary.

The two good restaurants there, Ganges and Master Kong Chef’s, were still thriving. The few others that remained seemed to be just hanging on.

That same night I went by The Village, which seemed so cool when it first arrived and now seems so unnecessary aside from the Apple store and a couple of restaurants. Same thing as The Place: lonely clerks looking plaintively out the store windows, eyes begging you to come in and buy something. But no one does. There is simply too much stuff, too many stores, and no buyers.

Do you have to be a rocket scientist to conclude this is unsustainable?

I’m predicting The Place and many of its sister ghost malls, shunned by customers overwhelmed by so many malls to choose from, each selling the same crap that no one can afford nowadays, are going to experience a catastrophe."

 

[eatshitndie]

Here is an article on the retail business in China.
http://www.grindstonefinancial.com/2010/02/chinas-empty-malls.html
Tuesday, February 23, 2010

China's empty malls

....[snip]

Do you have to be a rocket scientist to conclude this is unsustainable?

I’m predicting The Place and many of its sister ghost malls, shunned by customers overwhelmed by so many malls to choose from, each selling the same crap that no one can afford nowadays, are going to experience a catastrophe."

sounds like sg to me.

 

[zuoom]

Here is an article on the retail business in China.
http://www.grindstonefinancial.com/2010/02/chinas-empty-malls.html
Tuesday, February 23, 2010

China's empty malls

It always struck me as odd that all of the leading luxury goods makers - whose products were being copied and mass produced in China before ending up on Canal St. for $50 - were rushing to bring their $3,000 handbags to Beijing. I've never been to Beijing or Shanghai, but I found this observation from The Peking Duck blog pretty interesting...

"Anyone who’s walked around Shanghai’s more prosperous areas (and Beijing’s as well) is well familiar with the glut of luxury stores, with Bulgari and Gucci boutiques everywhere you look. I would sometimes stand outside the shops and watch for as long as half an hour and I remember seeing the shopkeepers going to fantastic lengths to look busy. One of them kept dusting the shelves obsessively. Another kept a book (or maybe a magazine) discreetly under the counter, at an angle where she could read while keeping an eye on the front door."


"The Place (a mall) is around the corner from my office, and this was my first trip back in about two months, I was shocked at what I saw. Fifty percent of the eateries in the basement were boarded up. The cheap food court, too, was gone, covered up with ugly blue boarding, making the basement especially grim and dreary.

The two good restaurants there, Ganges and Master Kong Chef’s, were still thriving. The few others that remained seemed to be just hanging on.

That same night I went by The Village, which seemed so cool when it first arrived and now seems so unnecessary aside from the Apple store and a couple of restaurants. Same thing as The Place: lonely clerks looking plaintively out the store windows, eyes begging you to come in and buy something. But no one does. There is simply too much stuff, too many stores, and no buyers.

Do you have to be a rocket scientist to conclude this is unsustainable?

I’m predicting The Place and many of its sister ghost malls, shunned by customers overwhelmed by so many malls to choose from, each selling the same crap that no one can afford nowadays, are going to experience a catastrophe."

i agree with some of the many malls that's not packing in the numbers.

they will go south.

not so sure about Ordos though. the green movement is up and coming. and this guy just happens to be sitting right in the cross road.

 

[xebay11]

No tenants? Lower the rent, duh?

 

[Alamaking]

http://www.thenational.ae/article/20080612/REVIEW/124592400/1120

 

[jw5]

The problem for China is that they are a land of extremes and a land of contradictions.
Why extreme?
The tallest person in the world is from China, I'm quite confident that if they did a search, the shortest person would be from China as well.
Some brothers will gush that the prettiest meimei they have ever seen is from China, if they looked carefully, they would probably find the ugliest as well.

Dongguan in recent years has become a very popular place for "cheonging". Initially it was mainly for the Chinese from other parts of China, people from HK, Taiwan, Malaysia and SG, but recently it started to be for the ang mohs as well.
Then the government started cracking down here and there, to maintain their "moral" stance.
At the same time, they build the biggest mall in the world, hoping that the city would become a hotbed for tourists, despite the city being known for factories and "cheonging" outlets, the latter of which were being clamped down.
If they were to boldly promote Dongguan as a world famous "cheonging" location, the largest shopping mall in the world could easily become the busiest.

 

[lolabunny]

The problem for China is that they are a land of extremes and a land of contradictions.
Why extreme?
The tallest person in the world is from China, I'm quite confident that if they did a search, the shortest person would be from China as well.
Some brothers will gush that the prettiest meimei they have ever seen is from China, if they looked carefully, they would probably find the ugliest as well.

Dongguan in recent years has become a very popular place for "cheonging". Initially it was mainly for the Chinese from other parts of China, people from HK, Taiwan, Malaysia and SG, but recently it started to be for the ang mohs as well.
Then the government started cracking down here and there, to maintain their "moral" stance.
At the same time, they build the biggest mall in the world, hoping that the city would become a hotbed for tourists, despite the city being known for factories and "cheonging" outlets, the latter of which were being clamped down.
If they were to boldly promote Dongguan as a world famous "cheonging" location, the largest shopping mall in the world could easily become the busiest.

You can't do that for "cheong" locations. The wives and girlfriends would be worried if their men go there. You have to do a "hush-hush" thing, like the status quo now. The guys WOULD know where the chicks are without promotion. Isn't that what SBF is for? :p:p:p

That's why geyland still has good food and fruits.

 

[eatshitndie]

That's why geyland still has good food and fruits.

fruit has no plurality. mangosteen, rambutan and durian are fruit grown in the tropics, for example.