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.