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Showing posts with the label The World's Biggest Supply

How China Will Handle The World's Biggest Supply Of Malls

China’s retail sales more than tripled from 6.7 trillion yuan in 2005 to 27 trillion yuan in 2014, helping to create one of the world’s largest consumer markets, according to government statistics. Along with this three-fold growth in consumption came a corresponding expansion in retail space – new malls and shopping centes in a country that had previously done its shopping along local street fronts and at state-owned stores. This economic transformation fostered retail real estate giants such as Dalian Wanda, which made Wang Jianlin China’s richest man, with  a fortune estimated by the latest Forbes China Rich List at $30 billion . However, many observers expect that this boom may also have caused a massive misallocation of resources, especially as growth in retail sales has begun to taper in recent years. Now, real estate consultancy JLL estimates that China is looking at a bulging pipeline of more than 40 million square metres in new mall space expected to enter the mark