A southern city in China hopes to become recognized as the country’s own Silicon Valley, but so far its biggest similarity are the home prices.
While Shenzhen is home to several well-known tech firms, it’s also the most expensive city in China—home prices in the city leaped over those in Beijing and Shanghai in May of 2015, and they haven’t looked back since. Through April home prices shot up 62% from a year before, compared to only 28% growth in Beijing, the Wall Street Journal reports.
Homes in Shenzhen sell at around $690/SF, which is almost as pricey as the Rockridge neighborhood in Oakland, an expensive portion of the San Francisco Bay Area. And while the cost of a home is comparable, the incomes aren’t—the average salary in Shenzhen is ten times lower than those in Silicon Valley. [WSJ]
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