A photo taken on October 7, 2020 shows the Tencent building in Nanshan District of Shenzhen, in south China’s Guangdong province. Photo: Xinhua
A photo taken on October 7, 2020 shows the Tencent building in Nanshan District of Shenzhen, in south China’s Guangdong province. Photo: Xinhua

Alibaba, Tencent lay-offs burst property bubbles in headquarters cities of Hangzhou, Shenzhen, sending prices plunging

  • Transactions and prices are down while second-hand listings are up in formerly hot districts such as Hangzhou’s Yuhang and Shenzhen’s Nanshan
  • Home prices in one prime neighbourhood close to Alibaba’s head office plunged nearly 28 per cent in 2022 after the company laid off thousands of workers

A photo taken on October 7, 2020 shows the Tencent building in Nanshan District of Shenzhen, in south China’s Guangdong province. Photo: Xinhua
A photo taken on October 7, 2020 shows the Tencent building in Nanshan District of Shenzhen, in south China’s Guangdong province. Photo: Xinhua
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