China: “World’s Largest Mall Now A Ghost Town”
- Categories: International, News
- Date: Mar 16, 2013 12:54 JST
- Tags: Buildings, China, Copyright, Guangzhou, Image Gallery, Made in China, Shopping
CNN have been reporting that the “New South China Mall,” supposedly the or one of the world’s largest shopping malls, is now almost totally deserted.
The ever present concerns about the collapse of a vast property bubble in China have been raised, although as usual it is probably the presence of such nominal brands as “Teabucks” which will leave a more enduring impression…
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It didn't explode, that's the reason for its failure.
Something did explode: the economy.
Imploded, actually.
Yep it'll implode like the core of a massive star when it goes nova.
An, the Chinese economic implosion... SanCom prophets have been predicting it for years. When will this happen? Can we expect it this decade?
12:12
LOL.
only around 9-10 % of the total federal debt of US is owed to china. 66% of the total government debt of US is owned by American public.
And you don't just 'ask' for it back. That's not how international bond contracts work.
Educate yourself.
isn't a majority of America's debt owed to China? I think we should be a bit concerned if they start wanting some of it back.
It has to eventually like any boom but like any boom/bust the economy will move on.
They don't get it back until it comes to term, which is, at this point, every goddamn day already. What you've got to worry about is that they stop lending the money that they get paid back, or that they start selling off bonds (in which case the US has a hard time selling its own new bonds).
u guys know nothing about economies
They build too many housing structures so as to add to GDP. It isn't wrong, but if nobody buys those flats they're going to have a massive problem.
I guess in the future, China will decentralize it's population to these new cities, though their methods are questionable. People need incentives to move, and better houses are not worth it if there is no accessibility to jobs and entertainment.
you mean GDP..?
Giant Dick People
or maybe gross domestic product
take your pick
They know it's gonna happen soon. That's why there's nobody there.
It's probably empty because a: most Chinese are too poor to shop there and b: those that can afford to think it's a rip-off and shop at any place that's cheaper. Famous brands like Teabucks are over-priced!
Macau casino owners will tell you how poor the Chinese are.
It's empty because it's located in the middle of nowhere.
So china is failing even with all of that money we pay to them?
If you're american, someone in china said probably the same ;)
Typical east asian crap. Big on the show, hollow and rotten on the inside (which they hope no one else would notice but get laughed at anyway).
Know the joke about chinese GDP?
"One day two rich university students from a top school made a bet. One of them said to the other - "I bet you 50 million dollars you won't eat this pile of horse shit". The other student eats it, and gets 50 million dollars. The one now with mouth full of shit says "I bet you back 50 million you won't eat it!" the first student eats it, gets his 50 million back. Now both are sitting like retards with mouths full of horse shit thinking "fuck we're dumbasses". Then an acclaimed chinese professor in economics walks by and says "Don't be foolish, my students! You have just done a very patriotic duty by increasing our national GDP by 100 million dollars!".
LOL
you pay for their government, not them. its a whole difference.
If you're American, they pay for your government. This is why you can't fight them, they own you now.
They can just release all bonds and dollar holdings all at once, trigger a cascade, and by tomorrow morning, the dollar will worth less than toilet paper.
Lol@ currency backed by "In god we trust."
yes then right after the US dollar is worth next to nothing the US economy grinds to a halt. Which in turn stops world markets and then everyone is screwed.
@ 6:46
USA! USA! USA!
05:43
LOL it's amusing that people still don't know how international bond market works and still spouts this uneducated crap like it's the truth.
Government and international bond market =/= personal finances between you and the bank
In fact, it's china that's been duped by the exact same mentality and is now realizing it fell into a trap of financing their enemy while holding a bunch of bonds they can't easily get rid of because of international bond agreements that bind them to a certain rules. If they break this rule, they will be ostrasized by the international market and their precious little economy is going back to 1960s.
US Treasury bonds aren't callable. You have no idea what you're talking about. Besides, China holds maybe around 10% of our total public debt, that's it. Most of USA's outstanding debt is held by...Americans.
with all the money they're spending to build these unneeded outrageous builds and all, they could have used all that building material to build better bridges and housing.
Projects like this and all of the other "ghost" buildings are just to show that the country is producing and growing.
Der Glorious Leader Mao did the same thing back in the 50's when he set the peasants to work doing iron smelting. It didn't matter that what they actually produced was almost worthless low grade pig iron. The point was to show the world that China's steel production was on the rise. Unfortunately, since those same farmers were too busy making iron, they had no time for their fields which led to a massive famine and the death of millions.
"No problem," says Mao, "we'll just put up more propaganda posters showing bumper crops and smiling citizens. If you're starving, it's because you're lazy and not committed to the Communist cause."
The mall was privately funded. It's actually quite cheap, a small fraction of a typical med sized American mall, due to worthless property value, which is exactly why it failed - being located in the middle of nowhere. Genius.
It was completed almost a decade ago. It haven't been "deserted," as that implies it was occupied at one point. The place has always been empty since the day it opened. There's also no connection to any property bubble, the location is worthless at any given time.
Why pick it up now? Slow news day?
China Fail is always funny. Aged China Fail is best fail.
Wikipedia says 99% empty since 2005. The story is 8 years old!
Collapse of the property bubble.
Sankaku's just positioning to report the physical collapse of the property.
The Japanese bubble economy popping Mk.2.
The Chinese bubble economy has many of the same parallels of Japan's economy during the 1980s.
Same issues just on a much larger scale.
It'll be an impressive show when it all comes falling down.
I think their downfall will be another cause - unlike japan, china's centrally concentrated and enforced structure would likely avert such laissez-faire style bubble collapse.
What people don't realize is that due to china's population, they need to have their GDP growth on at least around 5% just to keep up with their birth rates and hand out barely acceptable level of employment. Factor in global-induced inflation rates of 3%, and that means the only thing keeping their economy afloat is not their limited domestic market, but their export and influence around the world which is quickly facing stiff opposition from nations who are rapidly turning anti-chinese, even the russians and indians who realized the two-faced nature of the chinese.
It would be a combination of causes, including income inequality, severe area capital discrepancy (rural vs. urban), minority liberation issue, and their dependence on foreign exports to keep the economy going, and especially corruption which is not only entrenched in their society but on cultural level as well.
In the end, their core belief and value are not compatible with future, but it is much easier to give out the veneer of success, just as japan has, and it is much more difficult to find and admit to faults that has been their way of life for the last few thousand years.
Their bitchy attitude towards their neighbors are quickly reinforcing their image of petty, narrow-eyed and narrow minded cowards who don't even have the balls to reign in on their pet (NK) when it's exploding nuclear weapons right next to their border. To be realistic, NK and china's neighbors have just as much reason to point their nuclear arsenal against the chinese due to vast historical grievances and desire to become 'big' in the region and finally overthrow those childishly arrogant chinese and rebuild a greater manchurian empire or some thing along those lines.
China's trying hard to build its domestic market, but with many nations around the world disliking the chinese for obvious reasons, 1 bn middle class still won't save them. Not to mention no one's going to fall for their lies and 'persuasive' attitudes when their two-faced nature is so obvious.
Besides, America and other nations only had to print more money last time to hit china with inflation and force it to reign in on its GDP growth. They paid a very small price for that in inflation, which is nicely coming along with the re-invigorated economy and growth. Their delusional bitching only makes things easier, much more than they know ^^
Not the same.
Japan's boom came out of thin air, the small country with tiny population and nonexistent resources could never have supported its oversized economy to begin with.
China's is more of a recovery after century of strife. China had the largest GDP in the world for 4 out of the past 6 thousand years, since civilization began.
No Japan's boom started when they went into manufacturing.
But the difference was the Japanese didn't merely copy things they often improved upon them.
Now they can make Chinese Dawn of the Dead (original) or Chinese Live action Eden of the East
if only they build in North Korea...
lol Teabucks, I'm sure there's a good tea-bagging joke in somewhere in there.
So this makes "SM North EDSA" of the Philippines the largest mall in world?
Nope, not yet.
You still have that Megamall and a rumored MoA expansion.
According to Wiki, the Golden Resources Mall in Beijing is the largest operating mall in the world by gross leasable area.
The largest in North America is still the West Edmonton Mall because MoA's amusement park isn't counted as part of it's leasable area.
I like abandoned places.
This one needs about a decade of decay, though.
Can we call this a huge movie set already?
There is something unsavory about modern chinese culture. Apparently they try too hard to put up appearances for the sake of pride or an unnatural desire to be a modern first world society. I think a departure from a less centralized system of one party rule would help them out a bunch.
as expected of chinese engineering
Wow, it's like Japan.
State managed capitalism doesn't work. A free market must be free to respond to it's consumers and competition. Bureaucrats can't decide what is fair because economics, like evolution, isn't about fairness, it's about survival of the fittest.
Just like in New York?
if politicans havent gone in there and regulated the price on renting it would have became so expensive to live in the core that no ordinary worker could live there...
and with no person with average salary to wash, cook and drive those rich derps around how do you think the core of NY would have worked?
you are wrong the people exploded
The larger concern about their economic implosion is the fact that their government owes more to U.S. based corporations than the U.S. Government (which mostly owes money to it's own citizens, roughly 8T, than to China 3-4T) which exceeds the 6T mark.
This with the fact that North Korea's primary reason for acting out is their funding from big brother China has ended.
Did Masamune Shirow right about this in Appleseed?