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.

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.”

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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.