Beike Research Institute data show Hangzhou has recorded three consecutive months of online contract signings above 9,000; May signings were 9,087, up 17.8% YoY and the strongest May in six years. Beike says the market remains in a price-for-volume phase with rigid demand dominant: in May units priced at ≤ CNY2m accounted for 56% of transactions and 60–90 sqm units made up 39.1%. Beike attributes the pickup to a more favourable policy backdrop drawing new residents and migrants and to limited su

Beike Research Institute data show Hangzhou has recorded three consecutive months of online contract signings above 9,000; May signings were 9,087, up 17.8% YoY and the strongest May in six years. Beike says the market remains in a price-for-volume phase with rigid demand dominant: in May units priced at ≤ CNY2m accounted for 56% of transactions and 60–90 sqm units made up 39.1%. Beike attributes the pickup to a more favourable policy backdrop drawing new residents and migrants and to limited supply of low-total-price quality new-builds, leaving resale stock to absorb much of the rigid demand. New resale listings fell 6% MoM and 19% YoY in May, but total listed resale inventory remains elevated at 189,000 units.