25 Million People Vanished? Shanghai Is Collapsing: Mass Closures, Empty Streets, No Jobs

2025 has been brutal. In some Shanghai neighborhoods, tens of thousands of homes remain occupied, yet almost all street-level businesses have vanished, with new restaurants failing within months and even decade-old shops barely surviving. On weekends, once-crowded streets now feel eerily empty, reflecting collapsing property prices, bankrupt companies, and foreign capital quietly pulling out. As trade weakens and demand dries up, Shanghai—once East Asia’s financial heart—is entering a deep freeze, with many locals warning the coldest year may still be ahead. #china #chinatruths #chinanews