onsdag 3. juli 2019

China’s economic downturn hitting luxury commercial property and yachts in wealthy tech hub Shenzhen

In China’s hi-tech hub of Shenzhen, a confluence of factors, from over-exuberant commercial property developers, to the US-China trade and tech war, to an exodus of foreign investors, are weighing heavily on what was until recently a booming economy.

The city – just over the border to the north of Hong Kong - is uniquely exposed to the multitude of headwinds facing the Chinese economy, given its track record of luring foreign capital as a special economic zone, and its status as a hotbed of innovation. The year-long trade war with the United States has made Shenzhen as well as other parts of China less appealing to foreign capital. At the same time, the technology sector is under pressure from the mounting tech rivalry between the world’s two modern superpowers.