More China Real Estate Bubble: Ghost Mall Edition
In the video below, Bloomberg’s Paul Allen visits the New South China Mall in Dongguan, China, on the southeast coast of the country, roughly midway between Guangzhou and Hong Kong.
Once heralded as “the largest mall in the world, bustling with customers,” the mall is now overwhelmingly desolate, just “floor upon floor of emptiness.” This is even on a Saturday, and even with a fully-operational theme park. The best way to boost foot traffic? Expand another 200,000 square meters, according to the mall’s owners. They plan for the development to ultimately reach over one million square meters of residential and retail space.
It’s already been about six years since the nearly-vacant mall opened… things are bound to turn around any day now.
You can see more details in the clip below, which came to our attention via The Mess That Greenspan Made’s post on a vast (and empty) shopping mall in China.