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

Source: scmp.com scmp.com
News Snapshot:

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…

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