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

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...