HANGZHOU – Standing at 39 storeys high in the heart of Hangzhou is a majestic S-shaped building that was once the favoured home of every live streamer in the city.

Known as “Live-streamer Tower” or “Magical Building”, Regent International – with its low rent and proximity to e-commerce companies – drew thousands of live streamers promoting all kinds of products in live shows during the Covid-19 years.

Enthusiastic shouts of “5, 4, 3, 2, 1, sell!” used to reverberate in the busy corridors, with residents, workers and contractors going in and out of the mixed-use development in China’s e-commerce hub in south-eastern Zhejiang province.

But today, as China’s slowing economy has hit the massive live-streaming industry and dampened spending power, the building’s magic has worn off and its influence has waned.

At its lobby, I met Ms Liu Hua, who was moving out of her apartment on Dec 19, 2024 – just nine months after relocating from Chengdu, the capital of Sichuan province.

The 22-year-old had wanted to try her hand at becoming a zhu bo, or live-streaming host. Barely a year on, her employer went belly up, and she lost her job with a monthly salary of 15,000 yuan (S$2,800).

Ms Liu has received job offers paying 10,000 yuan a month, but she is trying to negotiate for 12,000 yuan, worried that she will have to compromise her living standards in Hangzhou otherwise.

“My lease was up, so I decided to move out,” she told me, as we walked down the quiet corridors towards her unit.

Ms Liu lived in a studio apartment that had been divided into four smaller units and rented out by the owner.

We had to stoop to enter her unit before the space opened up. It took less than five steps to reach her bed from the living room that also served as a kitchen.

“I didn’t want to stay here because Regent feels too oppressive and depressing,” she said.

Concerns over the health of China’s massive live-streaming industry arose after reports in November that Regent was hollowing out. At its peak in 2020, resident occupancy at the mixed-use development was as high as 18,000 – more than double the 8,000 now. Rent had also fallen up to 500 yuan in recent months for a one-bedroom unit.

Many young Chinese – who face a youth unemployment rate of 16.1 per cent as at November 2024 – consider live streaming to be an attractive career due to its high sala...