- Kristopher Fraser |
Singaporean mall developer CapitaLand has reported that all of their Chinese malls have reopened post the coronavirus outbreak. The news was reported by WWD. CapitaLand has a very prominent portfolio of malls in mainland China, which was greatly impacted by the coronavirus as it originated in Wuhan, China.
All four of the CapitaLand owned malls in Wuhan reopened on April 2 after approval from local authorities. 80 percent of tenants at CapitaLand properties have said they have resumed business.
As business slowly returns to normal in China, the question is now posed of how long economic recovery will take. China's January and February retail figures fell 20 percent, and the country's retail sector was already struggling economically after a year of government protests which saw tourism and shopping decline. Malls are already expecting sales to be down 30 percent for the quarter.
China has also seen layoffs and salary cuts after the economic fallout from coronavirus where so much of the country was on lockdown for months. China also won't be doing too well on exports for a while, as many of their global retail partners are struggling to contain coronavirus and their countries are on lockdown. More Chinese shoppers are turning toward e-commerce right now as they are still reluctant to leave their homes out of fear coronavirus cases could spike again.