When Chinese-owned stores go out of business, it’s usually because of bad management.
But the worst case is when a buyer decides to leave.
This happened to one man when he decided to buy some of the company’s brands.
“He just had a lot of money in his bank account, he thought he could take it and invest it into stocks,” said Li Xin, the director of the Hong Kong office of the China Centre for Social Enterprise, a charity that assists poor families.
The buyer had no idea what the impact would be on his family’s lives, said Li.
“I just thought, how can you sell these products that are so expensive, but it’s just so nice to look at?”
One of the products the buyer wanted was a flower arrangement.
It’s a common Chinese decoration for spring flowers.
Li Xin said she asked the buyer if he wanted to purchase one from the Chinese market and he replied: “No, I don’t want it.
I just want to buy the flowers.”
The Chinese market, a vast, thriving market of merchandise and services, has also been hit hard by the closure of several Chinese retailers in the past few years.
It was only in the last three years that many of these outlets reopened.
One of them is a Chinese-run online store called Haoqiao, which sells cosmetics and other beauty products, including hair products.
The store has been selling the same products for more than 10 years, Li Xin told Al Jazeera.
But after it shut down in 2016, it was shut down again and then reopened for business in 2017, after being sold to a Chinese firm.
“After the closure, I thought: Oh my God, I have to sell my shop,” said the store owner, Wang Wenwei, who declined to give his full name for safety reasons.
Wang, who is 40 years old and works as a computer programmer, said he lost close to 20% of his business to the closure.
“It was hard to survive in this environment.
We don’t have enough money to pay the rent and buy food,” he said.
Wang and his family live in a two-bedroom apartment in a middle-class suburb in Shanghai, which has been hit particularly hard by a slowdown in property prices, with the price of a typical home rising to more than 3,000 yuan ($5,300) a square metre in June.
The city’s average price of land has risen by more than 100% in the decade to date.
“In 2017, I had two rooms for around 5,000 renminbi, but now it’s like a second floor.
And we can’t afford to pay for a bathroom,” he told Al-Jazeera.
The market has also faced a number of setbacks.
“For example, in 2018, I bought a house with an average price above 2,000 Renminbi,” Wang said.
Wang’s family is now trying to find another home, he said, but he fears the same will happen to him. “
We have a mortgage and our rent is about 2,600 Renminbis a month.”
Wang’s family is now trying to find another home, he said, but he fears the same will happen to him.
“If I’m in a situation where I have a business and I can’t pay the mortgage, I might leave,” he explained.
Li said she was not worried about the impact on her business.
“A lot of people are very sensitive and I know many of them who have bought from us in the years prior to this,” she said.
One example is when she went shopping for hair products in February 2018.
She went to Haoqi to buy two types of styles of hair, and then to Hanoi for one, but found her hair had been damaged.
“That’s the worst.
That’s a big problem,” she recalled.
“People will still want to purchase from the company.””
But it’s a bit of a challenge to sell that to people,” she added.
“People will still want to purchase from the company.”