State-backed developers drive Shenzhen building boom amid market slump

State-owned conglomerates lead prime projects while the private sector faces challenges.

The Shenzhen project, named Marivista, is a joint venture between state-owned conglomerates China Merchants Group and China Resources. (Photo by Wataru Suzuki)

SHENZHEN — State-backed property developers are driving a construction surge in southern Shenzhen, even as the private sector feels the impact of renewed market weakness.

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