Dateline: Ding Dong, Don Juan, Dongguan, China
And then we have the ghost malls... EconCat88 braves Chinese security to bring us first hand, jaw dropping, eye candy horror footage of The New South China Mall, which, at the present, is a ghost mall. Built in 2005, it is self dubbed "The World's Largest Mall". Alas, it is a relict of the credit bubble of the Go-Go 2000s. Things that make you go WOAHHHHHH.
Why does the government build stuff that will never get utilized? Isn't it a crime when there's poor people in China that could use some of that money? What I suspect is the construction of buildings that will be left vacant is deliberate. The Chinese government has way too much money and needs to dispose of it. If they give this money to poor people, it will create demand for goods which will create inflation. So in order to control inflation they have to not allow that money into circulation. And what better way to throw money into the fireplace AND increase the GDP numbers at the same time than to blow it on unoccupied store malls and whole ghost towns? The corrupt class (construction firms, bankers, government officials) get their money who blow it on gambling, real estate, and the stock market. And then it's time to tear the ghost buildings down....
I'll post the first part in the series and then links for the rest.
[Youtube] Chinese New South China Ghost Mall - Part 1/7