Last week, following a profit warning, Li Ning said it is replacing its chief executive of 20 years with the founder, and investor TPG Group is stepping in to overhaul operations.

WSJ: China Brands Lose to Western Labels

Li Ning last week said it wants to move to a more consumer-oriented model, opening more of its own shops and factory outlets rather than franchising them out to third parties or relying on wholesalers to distribute their products.

WSJ: China Brands Lose to Western Labels

"We should avoid any excuse that might lead to the revitalization of trade protectionism, " said Su Ning of the People's Bank of China, the country's central bank.

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Still, the mall has plans to boost the number of tenants, said Ye Ji Ning, head of New South China Mall's investment unit.

CNN: World's biggest mall a China 'ghost town'