SHENZHEN, China - It’s 10 p.m. in the world’s largest electronics market, and lines of delivery workers who once hauled computer components and knock-off phones now push carts overflowing with Mac lipsticks, Bioderma cleansers and other foreign beauty brands.
“It doesn’t matter what promotions are happening, it’s this busy every night,” a seller surnamed Ying said on a recent weeknight. But rents are rising as its once-unruly markets gentrify, with increasingly upscale malls and 5G “experience centres” now lining its tidied roads, reflecting Shenzhen’s upward mobility from a manufacturing and trading hub to what China sees as the sleek and prosperous equivalent of Silicon Valley.
“For importers with the right licenses, we can buy in bulk here and sell products at a few cents’ markup each,” said a trader named Scott, declining to give his full name, worried he would get in trouble with security staff for speaking to a journalist.
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