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Business

Reality bites for China's VR industry

Most businesses struggling to make profits in saturated market

Despite the initial excitement, many VR businesses are already struggling. (Photo by Mariko Tai).

BEIJING -- Virtual Reality has taken China by storm with thousands of arcade shops and headset startups scrambling into the industry, aiming to reap the rewards from what was once called the nation's "next big thing." However, in many cases they are already tasting the bitter reality of no profits, and even bankruptcy.

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