As reported last week, via SCMP:
A building frenzy in southern China’s answer to Silicon Valley has driven the vacancy in Grade A offices to a record high, putting the squeeze on part-time developers whose blind inexperience have led them into the industry.
A record 1.79 million square metres (19.27 million sq ft) of vacancy, equivalent to 10 of Hong Kong’s IFC towers, stood in Shenzhen at the end of June, requiring about two years to fill up, according to the real estate consultancy CBRE. Half of that empty space lies in Nanshan district, home to such Chinese technology behemoths as Tencent, ZTE, and drone maker DJI.
There are 1671 words left in this subscriber-only article.