Shanghai’s Lujiazui financial district, known as China’s “Wall Street,” has paid a high price under the Chinese Communist Party’s strict zero-COVID policy. More than a third of the district’s shops have been closed, according to a financial service firm’s analysis.
CRIC Securities, a financial service provider in Hong Kong, revealed in its August report that 34 percent of shops in Lujiazui’s landmark mall—Super Brand Mall—were closed.
A 5 percent level is when the malls’ overall operations would be affected, according to the research firm.
Also according to the CRIC’s research on Shanghai commercial real estate, Shimao International Plaza in Huangpu District has a 22.4 percent vacancy, while there is an average of 9 percent vacancy across 20 major malls in Shanghai….