At Shanghai Landmark Mall, 34% of Shops Close Amid Lockdowns
- Vacancy rates at city’s malls surge above ‘warning line’
- Super Brand Mall in financial district is the worst hit
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Shopping malls in China’s financial hub are seeing a surge in vacancies after Covid Zero lockdowns hammered consumer demand, adding to the woes of developers and asset managers owning them.
Vacancy rates in the city’s malls climbed to 7% in the second quarter, above a “warning line” of 5%, said China Real Estate Information Corp., citing research of 20 major malls.