Some experts say the economic bubble in China is going to make ours look like a mere hiccup.
A couple weeks ago the internet was abuzz about photos of entirely empty Chinese cites the government had built just to prop up the appearance of a rapidly growing economy. Now here’s more evidence – the New South China Mall in Dongguan, which has been empty for six years.
DailyReckoning.com has the depressing details:
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.
Hedge-fund manager Jim Chanos, who foretold the collapse of Enron, says that China is on a “treadmill to hell” because it’s relied on real estate development to underpin its economic growth.
We read last week that China is bailing out the collapsed economies in Europe. So who bails out China when its economy collapses?
