Rather than blaming on menial stuffs like reno quality all these, i put my bet is on the market sentiment. Come on man, nowadays shopping malls mushroom like once in a month. Eventually the 'mall hype' dies down and no one is rather more interested to visit new malls and do shopping like last time. In 2xxx any crappy looking malls could easily get visitors. Still rmb Sogo Leisuremall Sgwang were always crowded. Plus now economic downturn who the heck could easily afford 200+ bucks a single day out. Blaming on reno stuffs like that is like lying to yourself the external factors dont exists. If majority has spending power, imagine buying one Zara cloth doesnt cost you 10% of ur salary, I believe any mall would be doing good for that economic time frame. Its all relative. People are holding back on expenditure. Im not saying you particularly, but the majority.
Anything that goes up must come down before picking back up again. This is not SG Taiwan HK where land scarcity is REAL as how your agents exaggerate. We have fukken plenty of land. Land that no one can afford shit.
When everyone goes crazy bout prop hype, more and more getting tied to credit loan. Its quite surprising how easy to secure a loan back then. And the effect doesnt take one month to see, but years, so yeah now the effect starts to be apparent. More and more are tied to commitments, holding less cash, worrying bout monthly budget more than wearing branded clothes, aims to survive for the month. Less disposable cash leads to less consumer sales in the market right?
Many other external factors plays a role too..
Just my 2 cents, though i could be off topic
Great post. The market is declining overall since everyone's expecting the the country to tank within the next 2 years, unfortunately Da Men opened at a pretty negative period. I sincerely hope they have the holding power (commercial lots) and hang in there, though one must wonder how long they need to weather this storm.