China’s Silicon Valley Is Finished! Shops Shut, Home Prices Plunge, Internet Elites Hit Rock Bottom
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China’s well-known consumer watchdog blogger Xin Jifei lamented the store closures around Hangzhou’s West Lake on November 5. The Hubin lakeside district and Yan’an Road shopping area once offered some of the city’s most valuable retail locations. Xihu Intime, a major commercial landmark in central Hangzhou, used to draw crowds every evening. Now, signs announcing closures and available storefronts are everywhere.
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