Mainland malls and department stores are under growing pressure as online retail booms, turning buildings meant to reap the yields of rising household consumption into burdens for developers and mall owners as shrinking foot traffic slows cash flow, Reuters reported. Despite growing consumption in China, major property developer Dalian Wanda said in January it would close or restructure 30 of its retail venues and said more adjustments were underway in August. Tim Condon, an economist at ING in Singapore, also warned that investors should not read China’s official retail figures as only reflecting household consumption, since the data also capture some government purchases.
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