Top 500 Companies and Foreigners Have All Left, Shanghai’s Rents Have Plummeted!

On June 5th, a real estate industry insider in Shanghai appeared on Fuxing Middle Road, pointing to the deserted buildings on both sides of the street, "This place used to be packed with foreigners. Now, there's not a single foreigner around, only Chinese. All the foreigners have left."
Following this, he brought up the rent situation in Shanghai. He said that in places like Mingyuan Century City, Jiali Garden, Huijing Garden, and Wutong Garden, the rent was usually tens of thousands per month, and the tenants were all foreigners. "These are the world's top 500 multinational companies. They're rich and spend company money. Now they're gone, and these houses are empty."
#shanghai #chinaeconomy #foreigners #chinaobserver
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[admiralbeez]

Starting in 2001 in my role as a global sales and procurement manager I have been to China five times for work, including to Beijing, Shenzhen, Shanghai and Hong Kong. I have always had successful and enjoyable trips to China, including my last visit to Hong Kong in 2018. But after China kidnapped Michael Spavor and Michael Kovrig - two regular business people, just like me, my wife made me promise to never again step a foot onto Chinese territory. So, I have never returned, and instead I’ve been redirecting our procurement efforts to Taiwan, Singapore, Malaysia and Thailand - our category of goods can be bought at similar quality and cost as from China, without the political and economic risks. It takes some effort to get to these places from Canada when you tell your travel agent not to connect through Hong Kong or elsewhere in China, nor to use any China owned or affiliated airlines, including Cathay. But it can be done, from Vancouver, Canada I fly Air Canada (or Eva) to Taiwan, and from there to Singapore. I still sell to China, but I meet the customers outside of China, for example recently at a trade show in the US. China’s people are lovely, and wonderful to do business with, but if the communist regime sees fit to kidnap Canadians, I can’t be arrogant and say, it wouldn’t happen to me.

[teohyc]

If negative news like this can even get out of China, it means the situation is probably even worse

[alphachmp]

Let's make 1 thing clear, foreigners did not leave. They were all kicked out by the CCP during the pandemic.

[samratraychaudhuri]

I hope the poor guy is safe and hasn't been persecuted for speaking out the truth...

[shirleya.osgood]

There is no way unemployment is lower as the reports suggest. Companies are posting jobs and not hiring and layoffs are out of control.

[kalin]

Gosh maybe they got tired of the 2AM police barging in and asking for your paperwork. It's never at a good time. And with all the anti foreigner sentiment, it's surprising people didn't leave years sooner.

[dlitowit]

As a foreigner in the finance field who first started coming to China in 2005, I can say that Hu Jintao knew how to make China attractive to foreigners while also keeping it a cohesive country, and those were the good years. He was intelligent. Xi was ok for a couple years and then he got greedy and it all went downhill. I left HK, rarely went into the mainland, and all my friends in finance moved to Singapore or back to US, London, Australia, etc. Xi is the one to blame.

[JD-kmwk]

Great job CCP. You made China going backward 👍

[rudypieplenbosch]

Thank you for showing the changeing economic situation in China.

[andthesunsets]

You guys do good work. I enjoy the content, journalistic maturity, and reporting.

[LikaLaruku]

No jobs.
No homes (falling apart or paid for but never built)
No pensions.
People of China are getting close to having nothing left to lose.

[sueyuyu]

I love their happy tears...NO MORE INTERNATIONAL COMPANIES!

[jdjdjdjdjuuuu]

Bad news for them but good news to all the countries they bullied 😂

[karlad]

The same is happening in America. Retailers are fleeing San Francisco and the hotels have stopped paying their loans 😳 This is a global economic collapse, and we’ll all go down equally 😭

[fearhungerpride]

It's not a collapse; it's just a correction. A much needed one.

[Psylent]

Cheap rent & property is great. Let’s hope it drops a lot more so normal ppl can afford it.

[Allindays]

The rule #1 for doing business: Be a community player.

[coastcity]

Same thing happened in Hanoi, Vietnam, which had extended lockdowns and prevented foreigners from leaving the country for 2-years.

[A]

There will be no foreign companies in China anymore.Chinese government should first keep peace with the everyone.

[theopinionatedbystander]

I think the term wolf warrior term was only half right. More like weirwolf. So can only suck the blood for so long before you kill the meal, then you starve. Stealing western tech and ignoring patents and intellectual property was always going to lead to killing the meal the Chinese economy fed from. China is an amazing country with some amazing people, but it looked at the world like a vulture looks at every animal. Just a car case waiting to be feasted from. It failed to engage in fair trade and respect for others and other systems around the world., For China to survive, Xi needs to hand over to Jack Ma.. capitalism brought China to elite status, and Xi takes it back to chairman Mao type people pillaging and killing system.. so sad, Xi makes a golden dragon into a chained stone lizard.