Tencent's new headquarters in Shenzhen. Photo: Handout
China’s economic downturn hitting luxury commercial property and yachts in wealthy tech hub Shenzhen
- Hi-tech metropolis, home to Huawei, ZTE and DJI, is facing an overcapacity of office space, with demand unable to keep up with rising supply
- Economic downturn, along with US-China trade war and technology battle, is turning foreign investors away from the Guangdong city
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Shenzhen
Tencent's new headquarters in Shenzhen. Photo: Handout
The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) fell to 49.4, down from 50.2 in May. Photo: Reuters
China factory activity contracted in June as US trade war tariff increase in May starts to bite
- Caixin/Markit Manufacturing Purchasing Managers’ Index fell to 49.4 in June from 50.2 in May, its lowest reading since January
- Like official PMI released on Sunday by the National Bureau of Statistics, private survey data show manufacturing sector contracted in June
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China economy
The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) fell to 49.4, down from 50.2 in May. Photo: Reuters