A man was pulled out alive on Wednesday more than 60 hours after being buried when a waste heap collapsed on an industrial estate in the southern Chinese city of Shenzhen, as another body was discovered, state media said.

Tian Zeming, who was found at 3:30 a.m. (01:00 IST Tuesday), was in a coherent state but his legs had been crushed, the official Xinhua news agency said.

"He told the soldiers who rescued him, there is another survivor close by," Xinhua said, though it later reported rescuers had found another body rather than a survivor.

Firefighters had to squeeze into a narrow room around Tian and pull debris out by hand, rescuer Zhang Yabin told Xinhua.

Tian has had surgery and is in stable condition in hospital, the Xinhua report said.

A body was also recovered from the rubble on Tuesday.

The government has said more than 70 people are missing in China's latest industrial disaster, although this figure continues to be revised as authorities make contact with people who were believed to have been buried but were not.

A giant deluge of mud and construction waste from the overfull dump site buried 33 buildings at the industrial park on Sunday.

On Tuesday, police raided the company that was managing the site, Shenzhen Yixianglong Investment Development.

Chinese news portals said police had taken away a deputy general manager named Yu Shengli. Calls to the company seeking comment went unanswered. Shenzhen police did not immediately respond to requests for comment.

Xinhua said the dump was being used 10 months after it was supposed to have stopped taking waste, earning Yixianglong some 7.5 million Yuan ($1.16 million) in fees.

It was the second major man-made disaster in China in four months. At least 160 people were killed in massive chemical blasts in the northern port city of Tianjin in August.

With growing worries about China's industrial safety standards and lack of oversight, Premier Li Keqiang ordered an investigation within hours of the mudslide in Shenzhen, a town that has boomed with the breakneck growth in the world's second-largest economy.

Xinhua said a formal investigation team had been established.