Rank: Veteran Joined: 7/5/2010 Posts: 2,061 Location: Nairobi
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sparkly wrote:bartum wrote:https://www.standardmedia.co.ke/business/article/2001237322/malls-go-bust-on-fairy-tale-of-growing-middle-class Buruburu residents are used to shopping at Mutindwa Quote:
A few weeks ago, tenants at the Point Mall in Buru Buru, Nairobi resolved to close their businesses. They decried the unusually high rents for a development that attracted few customers.
“We have no problem with paying, but in the short-run they should bring down the rent to attract tenants and make the mall active,” said Florence Murai, one of the tenants.
Another tenant described the facility as a ghost mall, noting that more than half of it was unoccupied. Yet they were promised a busy shopping mall, teeming with some of the biggest brands when they first came shopping for space.
I am sure some banks are dangerously exposed...but you will never hear of writedowns,..or even provisions on the books for this toxic debt....we should be seeing signs of serious distress,..things are not alright in real estate, the uptake is on the anemic side of things....yet you never hear a peep.....rogue financial sector, rife with creative accounting.. ...things will keep stacking up Greece style, mountains of debt piling and teetering at the edge of the abyss...until one day...kaboom................. Or not.
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