Global 

China’s economic downturn hitting luxury commercial property and yachts in wealthy tech hub Shenzhen

In China’s hi-tech hub of Shenzhen, a confluence of factors, from over-exuberant commercial property developers, to the US-China trade and tech war, to an exodus of foreign investors, are weighing heavily on what was until recently a booming economy.The city – just over the border to the north of Hong Kong – is uniquely exposed to the multitude of headwinds facing the Chinese economy, given its track record of luring foreign capital as a special economic zone, and its status as a hotbed of… Source link

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Home 

Looking for a used home in Shenzhen? Be prepared to pay extra as sellers want more after land sales fetch record prices

Buyers looking for secondary property in Shenzhen will have to pay more as homeowners have raised their asking prices following the record prices achieved in a rare government land tender last month.Developers are betting big on the tech hub, dubbed China’s Silicon Valley, attracting talent on the back of the Greater Bay Area initiative – a scheme launched by Beijing earlier this year to link Hong Kong, Macau, Shenzhen and eight cities in Guangdong province into an integrated economic and… Source link

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Greater Bay Area diversity will drive property markets across Hong Kong, Shenzhen and Guangzhou

Hong Kong might have the world’s highest home prices, but it has become an unsurprising headline. But it was Shenzhen, not Hong Kong, that raised the most eyebrows, when the tech hub joined the top five priciest home markets in the world, according to CBRE’s Global Living Report in April.This result was significant. Firstly, it reinforced the global credentials of Shenzhen. And secondly, it told us that an internationally high price tag has far more implications for individuals and businesses… Source link

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China 

Shenzhen takes economic top spot – again – but Hong Kong is more liveable, study finds

Shenzhen was the most economically competitive city in China in 2018 for a fifth consecutive year but Hong Kong leads the pack in living environment, business environment and development sustainability, according to an annual ranking by a Beijing-based think tank.Shenzhen overtook Hong Kong as the most economically competitive Chinese city in the rankings for 2014 and has held on to the top spot since, with Hong Kong second.The list is compiled by the National Academy of Economic Strategy at… Source link

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China 

Chinese tech hub Shenzhen becomes key trade war battleground as US strikes at Huawei, its ‘dragon’s head’

In the restaurants and coffee shops at the heart of southern China’s hi-tech powerhouse the main topics of conversation have shifted from industry gossip such as IPOs, mergers and innovations to the trade war with the US and Washington’s campaign against Huawei.So all-consuming has the topic become in Yuehai – the western district of Shenzhen that houses the social media giant Tencent, telecoms maker ZTE and drone maker DJI – that locals joke that it seems more like a trade war between the US… Source link

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China 

Greater Bay Area initiative drives foreign investment in Guangzhou and Shenzhen real estate

Foreign investment in Guangzhou and Shenzhen real estate, two core cities in Beijing’s Greater Bay Area scheme, hit 7.5 billion yuan (US$1.09 billion) in the first quarter of the year, up by nearly half from the 5.2 billion yuan seen in all of 2018. According to the latest report from property consultancy Cushman & Wakefield, foreign investment in the two cities accounted for 33 per cent of the 22.7 billion yuan invested in the two cities in the first quarter. “The GBA initiative has really… Source link

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More Chinese cities set to join Guangzhou and Shenzhen in increasing car ownership quotas to lift declining sales

China’s local governments are taking steps to boost car sales that have fallen for 10 consecutive months through April by increasing the annual quota of new licence plates in some of the mainland’s biggest cities that are plagued by traffic congestion.Guangzhou and Shenzhen in the southern Guangdong province announced last week that they will increase the supply of licence plates in the two cities by at least 42 per cent through 2020, a move Jefferies Financial Group said was unexpected because… Source link

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Shenzhen, hometown of Huawei, will offer tax breaks to overseas and local talent to maintain edge in tech amid trade war

Shenzhen, Hong Kong’s neighbour to the north and mainland China technology powerhouse, will extend tax breaks to top overseas and local talent as it seeks to maintain its edge in innovation amid an escalating trade war between the United States and China.Wang Lixin, a deputy mayor, said on Sunday the city would use its own operating income to make up for the shortfall in tax revenue. Under the scheme, income tax will be cut to 15 per cent of annual income for certain individuals.“Suppose you… Source link

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Beijing ranks ahead of Shanghai and Shenzhen in list of world’s most innovative cities

Beijing is the most innovative city on the mainland, ranking ahead of Shanghai and the tech hub of Shenzhen, according to JLL’s latest research of the top 20 innovation-oriented cities in the world. Hong Kong did not make the cut.San Francisco, with its robust start-up scene, topped the list, followed by Tokyo, Singapore, Beijing, and London, respectively. Shanghai and Shenzhen ranked 11th and 15th, respectively.JLL said that it expects to see more Chinese cities in the global top 20 as they… Source link

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Property 

Shenzhen home sales rose 66 per cent, hit 30-month high, according to April data

Shenzhen home sales touched a record high in April amid falling mortgage rates, population influx and a cyclical upturn in sentiment, according to official data.But industry analysts and agents were quick to point out the surge in April reflected mostly an increase in March and early April, when buyers returned to the market with an upbeat outlook and pushed up sales volumes. This is because of a lag between actual sales and official registration.According to data from the official Shenzhen… Source link

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