Trump’s Huawei ban cools property deals in Shenzhen’s Bantian area popular with telecom firm’s employees
- Home sales in Bantian have fallen by a third this month compared to April, shows data from China Real Estate Information Corp
- Homes in Bantian are priced 6 per cent higher than the Shenzhen average because of its proximity to many top tech firms
Chen Xiao is under severe pressure. The property agent in Shenzhen, home to telecoms giant Huawei Technologies and other Chinese tech stars like ZTE and Tencent Holdings, has not closed a single deal this month.
With the escalating US-China trade war and Huawei banned from doing business in the US over security concerns, the darkening mood of the company’s employees has spilled over to the property sector.
“May used to be my best month, as sometimes I would close up to six deals because Huawei pays bonuses around this time,” the 30-year-old Centaline Property Agency broker said.
Chen focuses exclusively on Bantian in Longgang district where Huawei is based.
According to property consultancy China Real Estate Information Corp (CRIC), home sales in Bantian this month fell by more than a third compared to April. Agents estimate Huawei staff and their families are responsible for more than half of the transactions in the area, where prices have risen 11 per cent since the beginning of 2017. Some 40,000 employees work at Huawei’s headquarters in Bantian, company sources said. It employed 180,000 people globally as of end 2017, according to information available on its website.