--FILE--New high-rise residential apartment buildings are under construction among others in Shenzhen city, south China's Guangdong province, 26 May 2016.  Surging property prices in Shenzhen, China's technology hub, will restrict the city's development in the long term, analysts say. In the first quarter of 2016, Shenzhen's economic growth came in at 8.4 per cent, outpacing that of Beijing and Shanghai, but its home prices are growing at an even faster rate. A number of companies, including telecommunications giant Huawei Technologies, are reportedly considering moving out of Shenzhen because of surging costs. ZTE, another telecommunications gear maker, plans to move its phone production and assembly business to Heyuan in north Guangdong by July. Although Huawei denied the news about moving, chairman Ren Zhengfei acknowledged the cost pressure the company has faced and said expensive property prices could destroy Shenzhen's competitiveness.
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