(Yicai) May 29 -- Hangzhou’s top-tier luxury homes have sold briskly over the past month after policy easing boosted supply, with some developers requiring prospective buyers to show proof of assets before viewing properties, Yicai learned from sales agents.

Six newly launched luxury housing projects in the eastern Chinese city have drawn strong demand since mid-April, as high-net-worth buyers seek better living conditions. Because of the large number of visitors, developers have set minimum asset thresholds ranging from several million yuan to tens of millions of yuan, with the highest at CNY80 million (USD11.8 million).

The sales office of Wangtianji, a luxury project by the Qiantang River, became overcrowded after its show units opened early last week, a local industry insider told Yicai. The developer then raised viewing thresholds for different unit types, including lifting the requirement for larger homes to CNY80 million from CNY30 million.

The strong demand suggests Hangzhou’s ultra-luxury residential market is recovering after earlier restrictions on land and housing prices curbed supply. Developers resumed building top-end projects after the city lifted those limits in 2024, and all six recently launched luxury projects began development after the policy change.

Luxury Supply Rebounds After Policy Shift

Wangtianji’s developer has not officially set sale prices, but its tentative offer for larger units is close to CNY200,000 (USD29,495) per square meter, Yicai learned. That means some homes at the project may cost more than CNY100 million (USD14.7 million) each.

The five other luxury projects also imposed asset thresholds during pre-sale viewing events, ranging from CNY6 million to CNY38 million.

Many of the projects sold out on launch day. In one project, all 38 townhouses offered in the first batch were sold on the first day, despite total prices of CNY60 million to CNY100 million each.

A person familiar with Hangzhou’s property market told Yicai that the city’s previous land and home price caps, introduced amid the last boom in China’s real estate market, limited the supply of high-end luxury homes and curbed demand from high-net-worth buyers seeking better living conditions.

The head of one luxury project told Yicai that most buyers are entrepreneurs from Zhejiang province, working in sectors including finance, semiconductors, artificial intelligence, and new materials. Most are aged between 35 and 45.

Zhejiang has a well-developed private economy and a fast-growing digital economy. Its capital, Hangzhou, is home to well-known emerging technology companies including Alibaba Group Holding, Unitree Robotics, and DeepSeek.

Editors: Tang Shihua, Emmi Laine