Beijing, Shanghai Are Done! 1 Million Eateries & Hotels Close, Signaling China’s Economic Collapse
The blogger concluded that the fundamental reason business is struggling is due to reduced demand and an overall economic downturn.
Quanjude, a famous Chinese restaurant brand, reported a loss of 260 million RMB last year. Even their 238 RMB Peking duck isn’t selling anymore. This 157-year-old iconic Chinese brand is sinking deeper into financial trouble.
Another well-known brand, Tianjin Goubuli, charged 120 RMB for a basket of buns and 58 RMB for a plate of peanuts. Due to these sky-high prices and poor taste, it has gone from “Goubuli” (meaning “dogs don’t care”) to “renbuli” (meaning “people don’t care”). Its stores are closing down one after another.
As for Donglaishun, famous for its lamb hotpot, most of its locations now have an occupancy rate of less than 70%.
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