Word: beijingers
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Moreover, the business model followed by many Chinese developers is geared for making a quick buck, not for long-term profits. In the West, many developers build, own and manage their malls. In China, retail projects are "condominium-ized." That means the developer builds the space and then sells off...
There's also scant attention to populating malls with the right mix of shops. Alan Liu, Shanghai-based managing director of Colliers International's North Asia practice, says most try to attract upscale brands. "Everyone thinks they need Prada, Gucci, Fendi in every project, even smaller ones," Liu says. "Well...
Meanwhile, retailers at Golden Resources say they have little choice but to hang on in hopes that customers will eventually discover the megamall. Xiao, the shoe salesman, is upbeat. "The store manager always tells us we should persevere, it will be getting better," he says. It's hard to imagine...
By encouraging IPOs, the government is also trying to manage a troublesome side effect of the country's rapid economic development. China's citizens have few investment options. Interest rates on savings deposits don't even keep pace with inflation. So many have dumped their growing savings into real estate...
But in trying to influence markets, policymakers must balance on a tightrope amid shifting financial winds. Some investors are already miffed at the government for allowing the IPO spigot to open wide, saying that the burgeoning supply of shares could push prices down. As far as the authorities are concerned...