According to a McKinsey report Chinese mall developers go bankrupt —especially state-owned ones.

Shopping malls are losing ground to the online marketplace.  While overall retail sales are growing, e-retail sales jumped by 50 percent in 2013. Although the rate of growth may slow in 2014, it will be significant.  Yet developers have already announced plans to increase China’s shopping-mall capacity by 50 percent during the next three years. For an industry that generates a significant portion of its returns from a percentage of the sales of retailers in its malls, this looks rash indeed. If clothing and electronics stores are pulling back on the number of outlets, what will fill these malls?  Certainly, more restaurants, cinemas, health clinics, and dental and optical providers.  But banks and financial-service advisers are moving online, as are tutorial and other education services.