Eight people have so far been rescued from the rubble of Liuxi Industrial Park, with one of them suffering minor injuries, Xinhua news agency said.
More than 700 people are searching in debris for life.
A park worker identified only by his surname Tian told the Shenzhen Special Zone Daily that his boss and his family were buried in the rubble. Only Mr Tian and a driver of the family managed to escape.
Another man, Mr Xiang, told the daily that a friend of his and his three children were trapped.
The disaster occurred at 11:40am on Sunday, Xinhua said, and seven fire engines were initially dispatched to the scene.
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