The unprecedented sellout of a luxury residential development in Hangzhou, a city known for its technology giants like Alibaba, DeepSeek, and Unitree Robotics, highlights both the purchasing strength of its wealthy tech-savvy residents and the persistent demand at the high-end of the property market despite overall real estate slowdown.
All 66 units in the Wang Tianji project were snapped up on its opening day, July 16. These units, primarily ranging from 296 to 385 square meters, with two expansive penthouses at 624 square meters, averaged around CNY50.9 million (roughly USD7.5 million) each. This set a new record for high-rise residences in Hangzhou, resulting in total sales reaching CNY3.4 billion (about USD502.4 million).
Developed by a local property firm, Binjiang Service Group, the project is situated near the main venues of the 2022 Hangzhou Asian Games. The standard apartments sold for an average of CNY140,000 (USD20,685) per square meter, eclipsing the previous city record of CNY120,000. The penthouses also made headlines, with an average price of CNY243,900 per square meter and a unit price of CNY152 million (USD22.5 million), approaching the price levels seen in prime areas of top-tier cities like Shanghai.
Most buyers of the Wang Tianji project are between the ages of 35 and 45, with an average age of about 39, according to Binjiang. Approximately 85 percent of the buyers are local residents, while many from outside the city come from Shanghai. Around 27 percent of purchasers are corporate leaders, tech executives, wealthy local households, or professionals in finance, securities, and investment.
This trend is not unique to Wang Tianji. The luxury housing market in Hangzhou has been heating up this year, with several ultra-luxury developments selling out either immediately after launch or shortly thereafter. For instance, the Qihu Yunzhuang project sold over 70 percent of its units within three months, averaging CNY75 million per home.
Sales officials note that high-end buyers tend to act quickly, often making purchases immediately upon seeing a property they like, without shopping around. “About 60 percent of them place orders right away, seeking exclusive amenities and limited inventory,” explained a sales consultant from another luxury development.
The growth of emerging industries like artificial intelligence, digital economy, and new materials has fostered a new wave of high-net-worth individuals, playing a crucial role in supporting Hangzhou’s luxury housing market, the source added.
In the first half of this year, Hangzhou recorded the sale of 122 homes priced between CNY30 million and CNY50 million, along with 64 units exceeding CNY50 million, both reaching decade-high sales figures for this period.