DeepSeek keeps Hangzhou's property market abuzz as China's ‘tech dragons' plot growth
The property market in Hangzhou, home to China's biggest surprise in tech innovation, is experiencing a revival – in contrast to gloom elsewhere – as the nation's 'tech dragons' like DeepSeek and Unitree Robotics plot their expansion plans.
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New home transactions in the capital of eastern Zhejiang province rose 81 per cent in the two weeks after the Lunar New Year holiday from a year earlier, according to Beike, an agency owned by KE Holdings. The number of people visiting sales offices surged 77 per cent over the same period, it added.
Second-hand home transactions rose 8 per cent, based on data across 1,000-odd locations tracked by Beike.
'Our sales have more than doubled compared to the same period last year,' said Huang Siyao, a broker at 515j real-estate agency. 'I have had 50 deals since January and my workload has increased significantly along with the market upturn in the past two months.'
10:57
Boom, bust and borrow: Has China's housing market tanked?
Boom, bust and borrow: Has China's housing market tanked?
The upturn could be sustained as DeepSeek, Unitree and four other start-ups – dubbed the 'Six Little Dragons' – began to hire more workers and lease more office space after their new-found success. These added to major investment plans by tech leaders like Alibaba Group Holding and carmaker Geely Automobiles. Alibaba owns the Post.
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