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