SHENZHEN, China—Life used to be good for Jerry Tang, who left his rural hometown in 2014 to become a real estate agent in Shenzhen, China’s tech megacity and one of the world’s hottest property markets.
Just a few years ago, Tang could make up to 50,000 yuan ($7,800), in a good month, selling apartments. Last year, he was making around 15,000 yuan (about $2,348) a month, but this year that’s fallen to about 5,000 yuan ( about $783) and mostly comes from commissions on rentals.
