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 700 rescuers are searching the debris for any trapped victims.
Rescuers have brought eight persons to safety and one of them has suffered minor injuries, state-run Xinhua news agency reported.
Videos and photos posted on the microblogging website Weibo showed huge pile of dust and rocks engulfing the area with heavy noise.
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The buildings buried in the landslide included two workers' dormitories, state broadcaster CCTV said. A residential area was also situated beside the industrial park.
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.