Hangzhou’s First Land Auction After Chinese New Year Holiday Bags USD449 Million
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Hangzhou's first land auction post-Chinese New Year generated over CNY3.2 billion (USD449 million) in sales, with a 51% premium paid by Poly Development for a prime residential plot. The site, near key transport hubs, was converted from commercial to residential use, reflecting a push for improved housing quality. The auction's success indicates strong demand for core land in major cities. Additionally, Hangzhou plans to auction three more residential plots on April 8, with a total starting price of CNY4.5 billion, which will be closely watched by investors.
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