Several luxury residential projects in Shenzhen experienced a surge in sales during May, driven largely by young professionals in the semiconductor and artificial intelligence sectors, signaling a shift in the profile of buyers from traditional wealthy individuals to the city’s emerging tech elite.

Data from Leyoujia, a Shenzhen-based research institute, showed that buyers born in the 1990s—referred to as post-90s—composed 31 percent of transactions for luxury homes priced above 10 million yuan (HK$11.5 million) last year. In some upscale developments, this age group accounted for as much as 70 percent of the purchases, according to developers and sales staff.

One notable example was the rapid sell-out of Sino Bay, a high-end residential complex developed by Citic Urban Development & Operation. On May 23, all 78 sea-view units, each measuring approximately 302 square meters, were sold within 30 minutes. Prices ranged from 50 million yuan to 77 million yuan, with the average price exceeding 208,000 yuan per square meter. A top-floor unit spanning 510 square meters fetched more than 200 million yuan, equating to around 398,600 yuan per square meter.

Yan Yuejin, vice president of E-house China Research and Development Institute, commented that the rebound in Shenzhen’s luxury housing market, characterized by premium office-style designs and high quality, reflects growing market confidence. He noted that high-income post-90s tech professionals are responding rapidly to policy changes, supported by a strong rally in tech stocks led by AI and semiconductor industries, which has increased their wealth and purchasing power. However, Yan cautioned that the sales growth remains concentrated in premium properties located in core urban areas and that the overall market remains fragmented.

In May, new home prices in Shenzhen increased by 0.4 percent from April, marking the largest monthly gain among China’s first-tier cities, according to data released by the National Bureau of Statistics. Analysts attribute this momentum to recent government policy relaxations in Shenzhen’s core districts such as Futian, Nanshan, and Baoan, where restrictions on home purchases were eased in late April. The policy changes allow local residents with official hukou registration to buy a third home, non-resident families with at least one year of social security or tax history to purchase a second home, and holders of valid residence permits to buy one home without additional requirements.

Transaction figures support the impact of these policy shifts. In the first four months of 2026, Shenzhen recorded sales of 162 residential units priced above 50 million yuan—an 18-fold increase compared to the total sales in 2025. The city now leads the nation in both transaction volumes and average prices for luxury homes, according to CRIC Research.

Edward Chan, a property analyst at S&P Global Ratings, observed that the relaxation of purchase restrictions in Shenzhen could further stimulate demand for high-end housing by enabling previously ineligible buyers to enter the market. He also warned that this policy shift might redirect demand away from other cities, potentially affecting broader regional property markets.