PropertyConglomerates dominate prime projects as private sector strugglesThis project in Shenzhen, called Marivista, is a joint development by state-owned conglomerates China Merchants Group and China Resources. (Photo by Wataru Suzuki)WATARU SUZUKIJune 29, 2026 10:34 JSTSHENZHEN -- China's state-owned property developers are fueling a frenzy of construction activity in the southern city of Shenzhen, even as the private sector reels from fresh signs of a market downturn.