Word: luohu
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...Mainland businesspeople are hurt, too. At Shenzhen's Luohu Commercial City-the mega mall that's a magnet for tourists seeking a bargain, and where Salim aimed to go-shopkeepers say fewer foreign customers are showing up. "Before, we were so busy. We're not selling much anymore; by 5 or 6 p.m., we're just playing cards," says Lin Ming, a clothing shop owner whose sales have dropped by 50% in the last month...
Shenzhen may be a lovely place to visit, but I wouldn't know. Like many tourists to this southern Chinese boomtown, I barely got past the first shopping mall after the border crossing, Luohu Commercial City, an emporium of counterfeit goods at bargain prices. On its six floors, you can purchase nearly anything: handbags, golf clubs, watches, couture dresses, even pharmaceuticals. But be sure to hit the ATM first...
...reason for this disparity is that only 4% of merchants in China even accept credit, concerned that handling fees will eat into already tiny margins. Nowhere is that more clear than Luohu Commercial City. By its very nature, such a robust trade in fake products couldn't survive without cash. Shopkeepers make change from wads of renminbi stuffed in suitcases or pockets. At the few stalls that do accept plastic, it's not without an extra fee that can range anywhere from five to 20%. When, after six hours of shopping and short on funds, I couldn't even...
...credit card profits could hit $1.6 billion. Indeed, at a Shenzhen Starbucks, I watched as a young woman paid for her caramel macchiato with a Beijing Olympics-branded Visa, one of what seemed to be several cards she had in her wallet. We were just down the block, but Luohu's bustling cash trade seemed a universe away...
...found on store shelves in many of those countries. Last week in Shenzhen, shoppers could easily find a supplement called Fenfluramini?each 20-milligram tablet contains pure fenfluramine hydrochloride. "It's pretty strong stuff," says the sole attendant at a closet-size drug shop in the city's sprawling Luohu Plaza. "You should buy two boxes to get the fuller effect...
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