The landslide hit the Liuxi Industrial Park in Guangming New District in northwest part of the city in south China that borders Hong Kong.
More than 1,500 people including firemen, police and health workers are involved in the rescue operations, searching the debris for any trapped victims.
Four persons were pulled out alive, three of whom have suffered minor injuries, state-run Xinhua news agency reported, quoting officials from the rescue headquarters as saying.
By 5 pm local time, rescuers have evacuated more than 900 residents from the site.
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An area of 20,000 square metres was covered with soil, according to the Ministry of Public Security's firefighting bureau.
It rained in Shenzhen today and roads at the scene were muddy, the city'sDaily Sunshine reported.
Videos and photos posted on the microblogging website Weibo showed huge pile of dust and rocks engulfing the area with heavy noise and rescue helicopters in operation.
Ren Jiguang, deputy chief of Shenzhen's public security bureau, told the TV station that most people were moved to safety before the disaster hit, but that they could not be sure no one had been buried in the landslide.
The Beijing Youth Daily, citing a local resident, reported that the loose soil in the landslide had been dug up in construction work over the past two years and piled up against a 100-metre-high hill.
State media carried photos of partially collapsed buildings which, rescuers said, were housing 15 companies.