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More Clues Of China's Real Estate Bubble: Ghost Malls
We have already seen Chinese ghost cities, rickety buildings, and a construction spree that makes our own unionized labor force seem positive antiquated. Time to add empty malls to the list. The latest confirmed sighting of Chanos' "treadmill to hell" China real estate bubble thesis comes from Bloomberg's Paul Allen who reports from Dongguan, China on the New South China Mall, which has remained mostly vacant since it opened in 2005. 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. 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.
Courtesy of Bloomberg TV
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Imagine when Chinese Traders Short the overall market:)
Global Earthquake in Bonds¡Equities and Fx.
* The only way to " destroy " US militar power is basically doing financial "terrorism" and crashing their bond and munibonds....just watch next months...Russia and China + Pakistan and Iran knows it...
The III w.w has just begun..Financial Terrorism is the trigger.
The Fed has destroyed America. You don't need China to do that.
The 'location' issue as cited in the video makes no difference; there are malls exactly like this in tian jin and even beijing, that dont have anyone really going there...and of course, 10 employees per customer as a mark of drastic over employment and non productivity. In a "real" economy, these extra employees would be unemployed, let go by the profit motive. This must be the effects of historically embedded communism in an emerging capitalist society... how long do you think this will continue?
Not to mention the unfinished high rises with shoddy construction standards, and the residential high rises that are 10% occupied and 90% investor owned.. you can see it at night when the building have about 5% lit windows; and this is the case for many buildings. It's a market made and propped by the speculator class that may not need to saturate the rental market which would pressure the rental markets down, where they should be. Again, the profit motive is suppressed.
Location is simply not the issue for these buildings; its the created market and oversupply, reinforced by lack of honest pursuit of capital, where if those forces were increasingly evident in the chinese real estate markets, based on income model alone, prices would plummet.
I would add the fact that factory workers have no money. You can't create a class of Slave Laborers and Consumers at the same time. The two are mutually exclusive.
China has done fucked itself. It's painted itself into a corner and can't get out. The only way that mall will start to sell is if their workers make more money but allowing that will kill their economy.
The Chinese should learn that their only job is to do the world's laundry. They can't consume, it's not their job. Us Americans have that job whether we like it or not.
So go back to your hole in the wall China and make me another pair of shoes before I start to give a fuck.
It takes generations to build up a sense of entitlement in a large population. America has a big head start and it is hard for anyone else to compete!
TPOG
Malls in major Indian metros and second tier cities are no different as the conservative Indian consumers continue to window shop at malls but get real shopping done at micro-shops and mom-and-pop style traditional stores. Only food is a big seller at the mall food courts here.. mcd, yum doing quite well here.
Bernanke's plan is to get the Chinese hooked on Cinnabon.
Look at the growth rate of diabetes in India - that nation will soon be the biggest market for diabetic pharmaceuticals.
Cinnabon & McDonalds, ftmfw!!!
DUDE! That's a secret!
Goldman and JPM could store Fed peddled USD there; good use of the space.
I see dead malls..!
The 3 Spirits of Malls past.
Maybe they can start building robots that look like shoppers to make the mall look more "lived in".
No need to. Just let the peasants live in the empty shop store rooms in exchange for walking the no longer empty mall all day.
...with colorful shopping bags with famous logos, full of foam or silly string.
RR,
Always attentive to the finer details that is the trademark of the Master Illusionist. The silly string was the clincher. :>)
Or Chinese products, they cost about as much to produce as silly string...
There's another job American's dont want to do.
Beneton Death March?
This is where you'll be shopping after retirement, America.
The plan is you'll retire here where costs are lower and labor is plentiful in return for converting your dollars to yuan. In return, China will 'forgive' US debt. Ni Hao bitches
That is actually a fascinating idea!
I read they have empty cities/housing built than can handle 1M people.
Retiring to China may be a good idea but the trick is leaving. Welcome to Hotel Obamaforneeahhhh Where you can check out any time you like, but your money will never leave.
seriously, the govt is making it very costly to ever leave.
What the hell? Expand when you have no retailers. Who the hell funds this stuff?
That's what I was saying when I saw all the buildup of real estate northwest of Philly in the nineties..."who's funding this stuff"...strip malls for miles on end, McMansions replacing farms and woodlands to beat the band and the spread of urban blight as the white affluent flee to the suburbs/country. This was built on fiat money and god they had a run didn't they?
How much longer can it last? I thought years ago they can't last much longer but the PPT and all the wiles of the financial masterminds seem to be staying one step ahead.
Who the hell funds this stuff?
We do:
http://www.washingtonpost.com/wp-dyn/content/article/2011/01/11/AR201101...
Great link!
<snip>
"In recent months, the Chinese have have blamed U.S. policy for some of the difficulties they are facing, in particular warning that the Fed's decision late last year to stimulate the U.S. economy through massive bond purchases would likely boost the flow of speculative money into China and other emerging markets.
Pieter P. Bottelier, a China expert at Johns Hopkins University's School of Advanced International Studies, said the record rise in China's reserve holdings over the last three months of 2010 cannot be fully attributed to the country's trade surplus or entirely blamed on its exchange rate policy. But he also said it is becoming increasingly clear that China's exchange rate policy is exacting a cost as the country tries to control prices and speculation in its real estate and other markets"
<unsnip>
Can you say, "Mal-Investment"?
America!
FUCK YEAH!!!
.... Blame Canada!...
They can build... build... build, with the money that the US prints... prints... prints.
Funny money funding funny projects
Question
Why doesn't the country care or do anything about all the fraud, printing and lies they are doing?
I'm watching prices for food, energy, schooling all shoot up. Jobs still being lost. And rich getting richer, bailouts for broke Europe and everything keeps going up.
When will the people have their say? Will there be riots here? A revolution? Or nothing at all.just more poverty and inequity.
Serious question, I'd like some opinions.
The majority aren't educated enough to break the programming which comes daily from TV, Radio and Internet. Thinking people know something is wrong.
There are tons of people who watch oreilly, beck, cnn, local "news" and who think sarah palin might make a good president. Some of these braindead are vocal and dangerous to a free society.
More poverty and inequity. Look at the divide now between gubmint workers and the rest of the working class. The pigs at the trough are getting theirs at our expense...schools, state gubmint, feds.
With the recent congress shooting, does anyone think we will get more representation? Not a chance. In fact, tptb may as well do away with Congress and just put the new laws into effect and spare us the circus. Most people don't even know or care what's going on.
In a totalitarian state, is TPTB powerful enough to leave the illusion you live in a Democracy?
It's done a pretty bang up job so far.
So less access to our reps. Great. An event like this hasn't happened since jonestown 33 years ao under way different circumstances,
So there will be more security, anyone who voices opinions will be a Security risk. And they will do what they want.
Because it has to or the ponzi scheme fails and the financial system blows up.
Bread and circuses. People revolt out of necessity. Until the party stops, the party won't stop, ya dig?
China's middle class is nowhere yet near as developed (read: existent) as the Chinese gov would like. They pretend by building crazy new highways, bridges, malls, etc; all to supply this middle class with the necessities of the Western world, yet it is clear there is simply no demand for any of this... yet.
That's not to say it won't be there, in some time to come. Yes China is currently the biggest market for car sales - but about 75% of the people buying cars are first time buyers. And guess what, theyre buying it with CASH - zero debt. So what comes first? Necessities like food, edu for kids, maybe even a new car instead of a rickshaw. But consumer spending in malls? Why bother, when they can go to a local market and get things literally for pennies.
If the Chinese divert some of their wealth to "social safety nets" like the U. S. does, we'll see plenty of money usually diverted to savings going to some rabid retail shopping. Could be the plan? Build it and they will come.
Billions of donkey pulled carts do need highways, bridges, overpasses, and on/off ramps!
Nope. The big lie of the China enormous middle class utopia scenario is that there isn't enough "stuff" on this planet to support Western-style middle class lifestyle for 500 million Chinese. Not unless those 500 million replace 500 million people in Western democracies and those people turn into Chinese-style peasants. And even then, commodity inflation probably makes the dream impossible.
Nice bounce going on in the markets today.
DOW +0.89%
AAPL +0.61%
IBEX +5.29%
The world was supposed to end yesterday???
The Titanic could never sink ?
...and Hamy would never suck a d!ck!
And America is the land of opportunity
An old favorite:
http://www.youtube.com/watch?v=9ZtWABLuWHo
ZH is now my official contraian indicator. The worse Tyler says things are, the more the markets will climb and the economy will improve.
I have no idea if Tyler is an idiot or a genius, I only know the more he harps on the end of days, the more money I make trading against his view.
Say what you want. I'm loyal to him.
This market is going against all reason and logic. Many experts and fund managers left it. We are in new waters. Do you trust the printing presses and bailouts?
I'd rather be sidelined than long and risky. I just can't be apart of this orgy and destruction of free markets and financial incest and debt.
Tyler, thanks for all your work. If i can help your work, let me know how.
At least ZeroHedge shows an independent opinion, not permabullish.
Then you can trade long /short.
I prefer one link with this content that the b.s. spread by General Financial Sites, payed by Bilderbergs Governments members.
Tyler defeats a market where manipulation is very low, not as currently is happening (Mafia)Maybe its impossible to eliminate this corruption, but at least minimize, leading the market to a FREE MARK TO MARKET basis......cos its ridiculous to defend some kind of attitutes like, Stockmarkets are fine when half of population over the world doesnt have a penny in savings..or are unemployed.
And of course my best wishes, make the more money as u can, but please dont say TYLER is your contrarian indicator or Idiot or Genius, I repeat, its prolly the unique site with Celentes,Kaiser and others that tries to makes things little more " reliable and with ethics-justice"...
Thats all.
I see no evidence that there is an independent view presented on ZH. If there was ever a perma-bear and gold bug site, this is the king.
And what good is logic and reason if they fail to be accurate predictors of events? I see things very differently and that is that none of this is new or different. The markets will rise and fall, usually when everyone expects the opposite. It seems to me that Tyler has capitalized on his own breed of sheeple; those who want to believe things are bad and getting worse, that the world is out to get them. He feeds them a daily dose of reinforcement of their existing views and (hopefully) makes a small fortune doing it.
His remarks may be snarky, but he's right. Massive manipulaion is happening. He doesn't directly recommend anything either.
Just points out the facts.
My loyally is with him.
Logic and Reason tell me that a Congresswoman and 6 others would not be gunned down on a sunny Saturday morning. But logic and reason don't account for the unexpected, the "Black Swan" as it were. As they say, "absence of evidence is not evidence of absence".
Strange that this post isn't getting more junks.
Equities != economy.
I'd even say that most of the times, equities evolve in the opposite way of the economy. Something which is priced in a given currency can perform in whatever way the issuer of the currency wants. The unique problem is that this is undiscriminatory, and everything priced in this currency is affected. That explains why so much third-world countries have stock markets which perform very well. And that also explains why food and commodity prices are hitting all-time highs.
Agreed. The non-main stream point of view is great, but there are numerous times when the site is tedious and repeatitive, playing to a tin-hat crowd.
and you sold 3com - like the rest of the goofs at 350 right?
That is just fucking stupid. There were the same people who were bashing Rosenberg in 2005 about him bringing up a bubble in housing. The writing is on the wall. If you choose not to listen and make stupid remarks about how high the equity markets solely because primary dealers are manipulating them, go ahead. There are plenty of other dipshits on here (Wanger, Smails, etc). If Tyler is early, that is fine with me. It just gives us more time to prepare accordingly. That being said, he is not wrong. Anyone with an IQ above 40 knows this.
Where's that strange offspring of yours today?
He's in the basement playing world of warcraft with some of his trench coat friends from school.
Nobody can predict the future.
All I know is: you can't keep on increasing your debt exponentially without consequences and here you'll find out first what is happening and see what is noth meanth to be seen.
And for investments, I follow my own guts. I sometimes followed and mostly did what I thought was right and made a good amount of money.
And Zerohedge is not only Tyler, the posters here are mostly funny as hell and pretty smart.
And you can say whatever you want without a administrator scrapping your account :)
THIS IS THE REFUGE OF BANNED FINANCIAL BLOGGERS!! :)
(I've been kicked out of 6 financial blog sites :) )
I wonder how long your strategy will last.
What strategy!? He is like the rest of the sheeple (forgetful). He started buying equities a decade ago at dollar cost and he thinks he is up (because his balance is higher) when he is truly flat. He's not even beating inflation.
I was being a little cynical, albeit not really obvious, but thanks for pointing his flaws to those who don't understand.
Your tactics are similar to a bad poker player. Just because the end results are in your favor, that doesn't mean you're doing the right thing in the long run by chasing very low percentage odds. You bulltards who are lucky enough to make money the past couple years will always remind us that the market will never go down, but in reality you'll just give back your earnings simply because the market is a horrendous indicator of future developments in the economy.
But of course- you're too smart for all of us - which is why you continually remind us about how much money you're making and how ZH is a contrarian indicator, blah blah blah.
Go start your own website with your 3 followers and save us from your Monday Morning quarterbacking. It's one thing to point out you think the market will still go up - but it's completely foolish to say ZH is an contrarian indicator.
well said Homie. i've been reading ZH for about two years and i don't ever recall Tyler stating that a trader couldn't make money in the equity markets. Tyler is talking macro and these stock jocks are talking micro...two different conversations. but hey, as long as they are comfortable with the belief that they have a firm grip on the handle of the exit door and won't get stampeded, let them play in the market.
People will come.
http://www.youtube.com/watch?v=hU3a1PDtTYk
Seriously, I lived in Shanghai for about 4 months while dating my wife. They built some of the best real estate I have seen. Building subway systems.. building for the future.
?I have much optimism for Shanghai and China as a whole.
This is sooooo Panglossian (look it up).
"China Overtakes Japan as World's Second-Biggest Economy - Bloomberg" Aug 16 2010.
When these two enemies finally come to blows, things will get interesting. Clearly China will have to resolve the Taiwan question first, while finessing the Korean dispute. Then they can start working on an encircling strategy for Japan to take out their high value exports. Meanwhile they have to keep their non-Han minorities suppressed in the west, and use their assets in the diaspora to keep them apprised of opportunities to influence and control the West (as if they really needed to do this with their massive foreign reserves). To the north, obviously, the detente with Russia will continue as Russia is focussed on Europe, and China on WW (non-Europe, but with exceptions) hegemony based on high-volume hi-tech undercutting of all manufacturing of clueless western hollowed-out corporations and their political lackeys. May you live in interesting times, and these times ; they are interesting! -AB
Denninger's got quite an interesting piece.
http://market-ticker.org/akcs-www?post=177125
So, the banks have essentially learned nothing. And why would they, considering the FRB is happy to not only bail them out, but to sponsor record bonuses for their employees in bonus?
If this is true then you have allowed a Felony.
If true this ship will sink.
That is really weird. Thanks for the link.
http://www.finviz.com/quote.ashx?t=NLY&ty=c&ta=0&p=m
A stock pick still being held by the guys at Motley Fool. Interest spread doesn't mean anything if the underlying assets are garbage. Ie., if you think the bullshit is confined just to purely banks, think again. I am 100% certain their earnings are fraudulently overstated.
Hugh?? Hugh Hendry????
yep
pepcac error
HH visits China's empty cities
http://www.youtube.com/watch?v=ektMQGbW3wk
Great video. China will have the biggest real estate bust in the history of the world.
This one is my favorite:
http://www.youtube.com/watch?v=0h7V3Twb-Qk
uhh no one lives in Dong Guan.. its a massive "factory city" where businesses from Hong Kong from hong kong bring in hundreds of thousands of rural migrants to build a bunch of useless stuff to ship to America.
Dupe
This guy reminds me of the Iraq public information official that hourly announced the destruction of American forces at the Baghdad Airport. Quite amazing actually!!!!
You mean Bahgdad Bob. It's he in DC now?
Reminds me of Dubai Mall: empty shops and no buyers.
So what ? Clueless beat up article.
Hahahahahaha... plans to expand....hahahahah.. I hope that plan includes an airport with direct flights to the mall.
So true!
Clearly they should FIRST TRIPPLE THE PARKING SPACE!!!
Idiots...
I blame kevin costner for making people believe if you build it they will come.
They aint got nuttin on the USA, we gots thousands of empty malls. If I had money I would buy IYR and XLF becuz the Bernack loves to bail out good for nuttin Zombie Banksters.
isnt that the same country that "calculates" gdp based on the number of railcars some dude counts?
How many bicycle parts stores could they fit in a million sq ft mall?
They should turn that fakker into a casino, would be filled up by lunch with a bunch of people making $30 a week - boom times!
Or even 1M sq METERS of mall
The mind cringes rather than boggles.
I get that there are huge imbalances currently in china.. Malls, shops, houses, apts.. but what are they missing? They have a billions consumers that are not consuming...
I dont get it, it seems like they are planning for a tidal wave of consumption and migration into cities.. But they are not unleashing their consumers..?
Are they really trying to suck as much as possible out of the US before they drop us like a lead ball and let their currency appreciate thus enriching and unleashing their citizens purchasing power? They have been underconsuming for a long time..
I really am baffled by it.. They are building the infrastructure to contain a huge increase in demand, yet are not letting that demand come to fruition... yet.
Really quite simple. If you make money by building stuff, and you're able to lever-up and use other people's money to do it, then it makes perfect sense to keep building. It's the same game being played here in the USA with financials.
Right, but wont they make even MORE money if they build it AND use it? Wouldnt it strengthen their economy even more? Common sense would say yes, wouldnt it?
Maybe thats the problem... Common sense no longer has a place.
I am the furthest thing from an expert on China, with that said my understanding is it is largely still a "needs"-based culture. The level of prosperity is not yet at the point where the average citizen can consume based on "wants". Further, I imagine the population has yet to be propagandized - via corporate and or state owned media - to the point of becoming, like many Americans, mindless consumers... and Eddie Bernays is dead.
Given a decade or two of widespread propagation of images and narrative of "thought leaders" engaging in "wants"-based consumption and that mall will likely be at full capacity.
My understanding is that the wealth in China is still held at the corporate (and therefore state) level, which does not trickle down to the individual citizens. This is the case because the Chinese model is still focused on external vs. internal demand. I also hear that a transition of that model is a top priority for the Chinese government planners. However, I, like you, am no expert on China.
Just an example of Central Planning replacing demand led capitalism in determining where what and how much to build.
This mall will of course have been factored into GDP as a contribution to growth in the economy.
Only remaining questions are when and how badly their RE bubble implodes and the degree of negativity it imparts to the general economy. Societal disintegration is not likely, armed forces of 6 million standing troops are there for 'social control'.
Nothing (unusual) to see here...
BEFORE YOU JUMP TO CONCLUSIONS...
First you have to realize that the gigantic mall phenomena is pervasive throughout Asia. I have never seen anything like them anywhere in the US or Europe. They dwarf malls like Westfield, The Weschester and Stamford Mall. Before the riots, Bangkok had what was probably the most impressive luxury mall in the world. Singapore is one gigantic shopping mall. All of these malls literally start out empty.
The area of this South China Mall is an industrial power house. Most of the population works in factories building iPads, flat screen TVs and Android phones as well as most of what is in Walmart and Target. There are also thousands of migrant workers working in these factories. So we are essentially talking about humongous factory towns that were rice paddies in the early 90s.
These factory people are not people who spend lots of money at luxury shopping malls. But this area is not a gold rush town that is going to disappear overnight. Look what has happened there in 15 years. It is mind boggling.
I remember vividly when Shanghai was chuck a block with gigantic luxury malls with a few sight seers but no shoppers. I shook my head wondering what is going on here. Those malls are all going gang busters now. The same with Beijing.
Shanghai's Pudong district was built up with all kinds of vacant offices. They kept saying this is going to be the financial capital of Asia. Guess what, I that is what China decides, then it will be.
Macau is another example of gigantic development. Las Vegas is a backwater by comparison. Five years ago Macau had more saunas than giant casino developments.
Similarly, there are many big malls in HK that I thought were dogs, but are now jammed packed and expanding.
Bottom line, I would not hazard a guess about the viability of this type of commercial property in China. You can be surprised very very easily. If the nascent middle class is going to shop (and they like to shop) they are going to have to shop somewhere besides Hong Kong and Shanghai.
Everything, I mean literally everything in China is intentionally built to be huge. Building something to be small is not considered an auspicious endeavor.
This does not mean there is no economic gravity there.
But the economic capacity for this kind of real estate development dwarfs anything we have ever seen in the US.
Keep buying iToys and PDAs...then lets see what happens.
the same factory workers you talk about are wasting their money on gambling, that is a fact and why they are essentially indentured servants. You really think they will ever have the same quality of life that production workers in america had? They produce all of that crap because it is cheaper to do it there than anywhere else and there is no shortage of cheap production should they decide to become union types.
This isn't just any mall. Its the largest mall in the world, even bigger that the Great Mall of America. It was built despite the fact it is nowhere near either an airport nor a freeway.
In researching online I've discovered these projects are all over China as the local manderins are given GDP targets to hit, they are free to build whatever they want to hit their goals regardless of the usefullness of the project built and irregardless of whether it makes economic sense. This is what has created the "ghost cities".
http://www.youtube.com/watch?v=0h7V3Twb-Qk
The coming China real estate depression will make the US real estate bubble look like a joke. At least our collapse came to an end partly due to a somewhat free market that still sends signals. China has no such system and just keeps building.
and the freaking bridges....some of the longest, highest, stupidest are there - helluva rickshaw ride!
"Decoupling"
I know Most people dont believe decoupling will ever happen without a complete collapse.. But think for a moment if you were China and were planning on decoupling at some strategic point in the future.
Why would you wait to build the infrastructure until after the decoupling? Then all the goods you manufacture really do have nowhere to go until the malls and shops and such are built. BUT if you are preparing ahead of time for decoupling, you could put all that infrastructure in place (with cheap money right now too) so that when you decide to pull the plug on subsidizing American consumption, you have a place for much of the goods you make to go.. in malls and shops, with much housing to accomodate people migrating into the cities. That, and the rest of the world would most likely also follow suite and let the dollar hedgemony come to an end.. Dont you think the transition would be smoother if you had the infrastructure in place ahead of time, rather than have to adapt to it from scratch? I would think the transition would be much easier, not painless by anymeans, but smoother than it otherwise would be.
There are plenty of people around the world that are completely capable of consuming the same shit us americans take for granted.
I dont know... just a theory, a thought, or different viewpoint i guess on what may or may not be going on.. Maybe they really are as drunk on this keynesian kool-aid as the US is.. Time will tell.
Good point, thanks for the insight. You may be right too. Transit infrastructure seems to be my only question against the decoupling idea though. However, which is more costly to develop and maintain. I guess it all comes down to, if you build it will they come, and in what numbers? If its popular then build the airport to facilitate more.
I have seen projects simmilar to this here in the states which cater to the aging baby boomer population. One of which I personally know that has gone bust since the economic downturn. A whole planned retirement community/city of amenities with transit to outside destinations a literal ghost town now.
Thanks cat..
Transit infrastructure seems to be my only question against the decoupling idea though.
From what I understand they have a vast hwy system already in developement... the 7918??
this blurb is from from wiki, so...
Unlike other freeway systems, almost all of the roads on the NTHS/"7918 Network" are toll roads that are largely financed by private companies under contract from provincial governments. The private companies raise money through bond and stock offerings and recover money through tolls.
You don't understand the carrot and the horse. You gotta keep the carrot on the string or else the horse stops pulling. If you let them eat the carrot it's game over.
This is a carrot. When they finally give it to the horse. It'll be because they've got someone else to pull the cart.
You think all those foxconn employees aren't told stories about how some day they will be driving bmw's around and wearing gold necklaces and the same crap they fed americans all this time.
When you run out of suckers you got to ponzi into new cultures. So keep your eyes on our prize. I mean your prize your prize!!!
Perhaps, but 95% of life is maintenance -- maintenance costs dinero!
So you are saying they are planning for down the road... unlike the US who has a hard time looking forward past the tips of our noses?
I am sure you have a much better perspective on this subject and I did think the video lacked substance. What I would have wanted to see was a compare and contrast to other major development projects, which started in such a way and either tanked or flourished. Exactly what you have pointed out. What struck me as funny was the overwhelming optimism of developing the remaining million square feet when there was little attraction to the current defunct development. They specifically mentioned that the area lacked an airport, but neglected to mention the rail transit situation. I personally would never underestimate the Chinese in anything they do, but I personally find these consumption driven projects as part of a systemic problem, world wide. They are a curse, not a blessing, to sustanability. I can only assume online retail has not taken a foothold in this part of the world as it has here in the states?
So the mall is Too Big To Fail?
Physical Solar BITCHES!!!
The absurdity of this Mall have been well publicized for over 3 years. Why bother to post old information.
eat a dick Tonto... bad feather in the head, not dot on the head... indian... dont you have some fire water to drink or something...
LOOK! pretty beeds! now shut it!
I am with the tea party and used to be a Republican... my words mean nothing, keep it moving people!
This is old news. Even PBS has covered this story and did the following documentary back in 2009: http://www.pbs.org/pov/utopia
Since when did we have a unionized labor force?
Yup, central planning in the USSR worked great.
Yup, central planning in the USSA works great.
Yup, central planning in China works great.
NOT
NOT
NOT
I've seen this video last year around this time, it's truly amazing. But it may have been done in order to stamp down over a billion peasants who need jobs and sustanence to live. If they didn't get that, then they would riot and that is something Chinese govt. don't want.