Shenzhen’s unaffordable home prices could hurt Beijing’s plan to turn the Greater Bay Area tech hub into model city



a view of a city: Shenzhen has been granted autonomy by Beijing on a wide range of local policies, from land use to hiring global talent. Photo: Xinhua


Shenzhen has been granted autonomy by Beijing on a wide range of local policies, from land use to hiring global talent. Photo: Xinhua

Beijing’s blueprint to develop Shenzhen and showcase it a centrepiece of its economic reform and attract talent could hit a major stumbling block in the form of unaffordable housing prices, say analysts.

As part of a five-year plan to build the city into a “core engine” of reform by 2025, Shenzhen has been granted greater autonomy in using rural land for development purposes. The move, which will ease land supply crunch, is aimed at reining in escalating home prices and making the city more affordable to live. It was speculated that Beijing would give Shenzhen “additional land” by allowing it to absorb some neighbouring towns into its territory, but the central government did not do so.

“Home prices take up a major chunk of the cost of

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Four teens, between 13 and 14 years old, hurt after crashing Porsche into pole, Toronto police say

Four teens, between the ages of 13 and 14, were injured near Toronto’s Little Portugal neighbourhood after a Porsche they were joyriding in struck a pole and split in half.

The crash happened in the Lansdowne Avenue and College Street area around 3 a.m. Wednesday, Toronto police said.

Two of them were injured and remained at the scene, police said. The other two fled on foot but were soon found. All were taken to the hospital.

“None of the injuries were considered life-threatening. They were considered life-altering,” Const. David Hopkinson told the Star.

The Porsche was travelling north on Lansdowne at “a high rate of speed” when it lost control trying to turn onto College, Const. Michelle Flannery.

The vehicle struck a pole in the intersection and was “cut into two pieces,” Flannery said.

Traffic Services Sgt. Jason Kraft told the Star that there were three boys and one girl

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How Working From Home Hurt The Wealthy

While lockdown has punished the mental health of many, few have paused to think about their bosses. But experts and research now show how working from home has taken its toll on business leaders, celebrities, and the wealthy. And it is only going to get worse.

“We had people coming to us who started with social drinking and then ended up with one bottle of vodka a day,” says Marta Ra, CEO of Paracelsus Recovery.

Alcoholism is just one of the affects lockdown has had on her clients, who include some of the wealthiest business leaders and celebrities in the world. “When you’re a CEO and you order around all your subordinates and now you’re sitting at home? Some people are really struggling with that because their ego is not nurtured enough.

“They’re used to having a whole armada or group of people reporting to

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