According to property consultancy China Real Estate Information Corp (CRIC), home sales in Bantian, a neighborhood in Shenzhen’s Longgang district where Huawei is based, fell by more than a third in May compared to the previous month. Agents believe Huawei staff and their families are responsible for more than half of the transactions in the area, where prices have risen 11% since the beginning of 2017, according to SCMP.
Market observers said pessimistic sentiment had affected the market across Shenzhen’s nine districts. For instance, in Nanshan’s Shekou district, close to the headquarters of firms such as ZTE, drone manufacturer DJI and Tencent, seven Centaline branches reported transactions falling as much as 15% this month. Across the city, volumes have fallen 10%.