Yesterday I filmed a short, likely non-representative sample of the state of retail in Beijing’s Sanlitun SOHO 三里屯SOHO complex (turn volume down before opening this link). Sanlitun SOHO occupies one of the most prime locations in Beijing.

Vacancy rates for office space around Beijing CBD are low (under 3% is what I have heard) and rents have soared 25% or more over the last year. But retail looks to still be a disaster, though the developers, including SOHO, have already sold the storefronts to individuals. I do not know how many of those people took out bank mortgages to buy their retail properties.

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