Fears in China's 'Silicon Valley' that property boom will hurt tech boom

Housing boom: People flying kites at a park in front of commercial towers, in China's wannabe 'Silicon Valley' – Shenzhen – last year. A property frenzy has driven prices up by 580% in the past 10 years. — Reuters

SHENZHEN, China: A housing boom in China's wannabe "Silicon Valley" of Shenzhen risks undermining the city's tech boom as young professionals consider moving out to avoid the highest residential prices in the country.

In the space of four decades, Shenzhen has transformed itself from a fishing village into a manufacturing centre and now a tech hub – attracting top firms and young talent in sectors including technology, advertising and design.