Beijing Is Collapsing: Economy Falls Back 20 Yrs Before Our Eyes, Foreign Firms Leave, City Empties
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A Grade-A office tower and shopping complex that was supposed to become a “money-making machine” has instead turned into a massive unfinished project. The failure of Yitai Plaza is only a reflection of the commercial real estate bubble in China’s major cities. As office rents in Beijing continue to decline, foot traffic in major shopping districts such as Sanlitun drops, and the boom of the physical economy fades, even “Grade-A office buildings” could eventually become empty shells.
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