Shenzhen is currently experiencing a sudden boom of high-net-worth citizens, thanks to the number of digital and tech companies calling the city "home." Mansion Global reported that it's worth following the city's growth, noting how it seems to have turned itself around from being just a "sleepy" fishing hamlet in the 1980s to becoming China's own version of the "Silicon Valley" in the US.

China has its own term for Shenzhen--"Silicon Delta," the metropolis, which is home to Huawei, one of the world's largest telecoms manufacturer. Upstart tech company Tencent and the drone manufacturer DJI has also called Shenzhen "home," which had been a driving factor for the city's push in terms of the sheer size of GDP in the last seven years.

Based on reports, the city's GDP grew from 1.1 trillion to 2.2 trillion yuan in a period between 2011 and 2017. Only last year, the city managed to push it even further, creating a 7.5% year-over-year increase and surpassing the 2.4 trillion yuan mark. This led to a surge of buyers aiming to relocate into the city, according to Juwai.com.

However big the GDP of Shenzhen got, there are those who would always be affected negatively. Ink Stone News reported the plight of those who got affected by the city's sudden shift to technology. As more and more tech executives began to relocate, the price of properties started going up as well, affecting its residents.

It does appear that what's been happening in San Francisco is starting to make its presence felt in Shenzhen--high prices and locals who cannot afford them. However, the government has since assured the people that they are prepared for the possibility. The local government reacted with a promise of subsidized homes by 2035; about one million homes will be built.

The homes are split into three equal parts. Public rental flats with a lease of 30%, as well as affordable homes rented out at half of the regular market rate will be made available. Other homes, meanwhile, can be rented out or bought at 60% of the market rate. This will put Shenzhen at the forefront of the Chinese effort to control housing prices.

This is only one side of the Shenzhen housing situation. With the progress also comes executives who, on the other hand, have the cash for buying homes that are made especially for them. The luxury market, which is in a state of decline last year, hummed alive recently. Time will tell whether a thing will continue to improve in Shenzhen.