appConfigEntityId

bodyType

customContents

entityId

entityUuid

isVideo

articlePageQuery

article

articleSchemaContent

content

hooksArticlePageAdvertisementConfigArticle

hooksArticlePageFloatingButtonConfigArticle

appConfig

filter

json

liveArticle

Judy Xue

A luxury penthouse in Hangzhou has set record highs for both unit price and total value of high-rise flats in the city, as new tech wealth injects fresh momentum into the market.
All 66 units at the high-end Wangtianji development’s initial batch were snapped up on the first day of launch on July 16, generating 3.36 billion yuan (US$496 million) in total sales. Competition was fierce, with seven to eight bidders chasing each prime riverfront flat.
Buyers averaged 39 years old and largely represented so-called new money from technology, including artificial intelligence, and traditional business sectors.
The standout deal was a 624 square metre (6,716 sq ft) duplex penthouse that fetched 152 million yuan, or 243,900 yuan per square metre, setting new benchmarks for both unit price and total value in the city.
Hangzhou, in eastern Zhejiang province, serves as China’s primary e-commerce and AI stronghold, housing the headquarters of internet titan Alibaba Group Holding, robotics firm Unitree and AI giant DeepSeek. Alibaba owns the South China Morning Post.
In the first half of 2026, transactions for luxury homes priced above 20 million yuan hit a 10-year high in Hangzhou, with 480 units sold, according to local agency data.
The record-breaking sales come against the backdrop of a prolonged property slump across mainland China, where real estate once accounted for nearly a quarter of economic output before sliding into a sharp downturn in late 2020.

The surge was powered by a growing pool of emerging high-net-worth individuals, particularly tech executives and finance professionals, whose steady purchasing power was driving demand, said Song Hongwei, co-director of the Tongce Research Institute.
Hangzhou’s expanding technology sector is most notably represented by a cluster of start-ups dubbed “Hangzhou’s Six Little Dragons” – a term coined between late 2024 and early 2025 to describe a cohort of high-profile firms spanning AI, robotics, brain-computer interfaces and game development.
Three of the six have initiated or advanced public listing plans, with spatial intelligence provider ManyCore Technologies already listed, and robot makers Unitree and DeepRobotics having their IPO applications accepted as of June.
The rapid growth has cemented the city’s status as a start-up cradle, harbouring 25 unicorns – ranking ninth globally and fourth in mainland China – according to the Global Unicorn Index released by Hurun Research Institute in June 2026.
Policy relaxation and upgraded product supply served as the other two core drivers unlocking market demand, Song said.
Strict home price caps enforced before 2025 had long choked the supply of high-end residential units, but recent regulatory updates for high-quality housing enabled developers to launch upgraded projects that rapidly absorbed accumulated demand, he said.
Yet the blockbuster sales underscore market polarisation rather than a market-wide recovery.
Secondary sales volumes in core areas halved year on year in the first half of 2026, while starter and mid-market upgrading projects in outer areas cut prices to drive sales, according to data from property agencies and third-party market trackers in Hangzhou.
This polarisation was unlikely to reverse in the short term, Song said.
Only luxury projects boasting rare locations and prime views would maintain rapid sales velocity and command heavy price premiums, while older inventory would face prolonged pressure on both pricing and transaction volumes, Song added.


Will AI adoption shrink office space? Asia-Pacific firms are on the fence in survey

China’s worsening retail slowdown bolsters case for stimulus

China’s economy under further pressure in August, as analysts expect rebound next quarter

Why Shanghai offers hope for China’s ailing real estate market

China property

New tech wealth sparks luxury property rush in Chinese city home to ‘Six Little Dragons’

Buyers cleared all 66 units in Wangtianji’s first phase as soon as sales opened on July 16. Photo: Handout

In the first half of the year, deals for homes priced above 20 million yuan hit a 10-year high in Hangzhou, according to local agency data. Photo: Handout

How Chinese tech giants from Ant to Tencent use AI agents to win over enterprise clients

People visit the Tencent booth at the World Artificial Intelligence Conference in Shanghai on July 18. Photo: AFP

Humanoid robots are displayed at the Ant Group booth at WAIC on July 17. Photo: Reuters

Alibaba says newest Qwen AI model is second only to Anthropic’s Claude Fable 5

With 2.4 trillion parameters, Qwen3.8 is “one of the most powerful models available today”, according to Alibaba. Photo: Shutterstock

The Qwen logo is seen at WAIC in Shanghai on July 17. Photo: AFP

China’s developers eagerly line up to offer commercial-property Reits amid recovery signs

A person walks past a construction site in Beijing’s Central Business District on July 14, 2024. Photo: Reuters

A view of the Lujiazui financial district is seen through an installation at the North Bund in Shanghai on October 27, 2025. Photo: AFP

Hong Kong banks sweeten mortgage rebates as competition heats up amid property rebound

Banks are competing more aggressively for business after the property market gained momentum this year. Photo: Karma Lo

Higher rebates also make fixed-rate loans more attractive for borrowers amid uncertainty over the US Federal Reserve’s rate outlook, according to an analyst. Photo: Nora Tam

Business

Property

Banking & Finance

Companies

Landmark deals push Hangzhou’s luxury homes to fresh highs, powered by the country’s newly rich from start-ups and finance


Landmark deals push Hangzhou’s luxury homes to fresh highs, powered by the country’s newly rich from start-ups and finance.


New tech wealth sparks luxury property rush in Chinese city home to ‘Six Little Dragons’

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Landmark deals push Hangzhou’s luxury homes to fresh highs, powered by the country’s newly rich from start-ups and finance

Landmark deals push Hangzhou’s luxury homes to fresh highs, powered by the country’s newly rich from start-ups and finance