An interior of a unit at Youtha Suites, built by state-owned China Resources Land. Photo: Yangpeng Zheng
Expat demand for Beijing’s luxury serviced apartments falls as foreign firms scale back their Chinese operations
- Many foreign firms have moved their production facilities out of China because of cost concerns, a trend exacerbated by the trade war
- On the supply side a surge is expected, with between 900 and 1,000 new units set to enter the market by the end of next year, according to JLL
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China property
An interior of a unit at Youtha Suites, built by state-owned China Resources Land. Photo: Yangpeng Zheng
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