A photo taken on October 7, 2020 shows the Tencent building in Nanshan District of Shenzhen, in south China’s Guangdong province.Photo: XinhuaAlibaba, Tencent lay-offs burst property bubbles in headquarters cities of Hangzhou, Shenzhen, sending prices plunging- Transactions and prices are down while second-hand listings are up in formerly hot districts such as Hangzhou’s Yuhang and Shenzhen’s Nanshan- Home prices in one prime neighbourhood close to Alibaba’s head office plunged nearly 28 per cent in 2022 after the company laid off thousands of workersA photo taken on October 7, 2020 shows the Tencent building in Nanshan District of Shenzhen, in south China’s Guangdong province.Photo: Xinhua"