Hong Kong’s Ming Pao newspaper on September 12th reported that China’s real estate analysis agency “Kerui Asset Management,” recently surveyed more than 20 shopping malls in downtown Shanghai and surrounding suburbs.

The results show that the average vacancy rate of the key shopping malls is 9%, which exceeds the average vacancy rate of shopping malls in Shanghai.

Lujiazui Zhengda Plaza has the highest vacancy rate, at 34%, followed by Shimao Plaza, with over 20% vacancy. Predictions are that the vacancy rate may continue to increase in the year’s second half.

However, according to Minh Pao, some Shanghai media believe that the Kerui Asset Management survey results are inaccurate. 

They said that, for the past three years, vacancy rates in malls in Shanghai ranged from 6.7% to 8.2%. And the rate in the first half of this year stood at 7.2%.

Since April, Shanghai authorities have locked down the city for two months to fight the epidemic under the Zero-Covid policy of the Chinese Communist Party. The lockdown has hit the city’s economy hard. 
In the first half of this year, Shanghai’s GDP fell by 5.7% compared to last year’s period.

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