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
Topic |   Shenzhen

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Tencent's new headquarters in Shenzhen. Photo: Handout
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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
Topic |   China economy

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The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) fell to 49.4, down from 50.2 in May. Photo: Reuters
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