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Hangzhou City Profile

​​Hangzhou’s growth story symbolizes China’s ongoing transition from manufacturing to a technology and services-based economy. The city has leveraged a thriving services sector, strong tourism and financial industries, and a growing tech scene to become one of the most successful cases of a Chinese city transcending its old growth model and achieving ‘the Chinese dream’. JLL’s 2017 City Momentum Index ranked Hangzhou 26th out of 134 cities globally, joining the Top 30 alongside Tier 1 Chinese cities like Shanghai and Beijing.

Hangzhou’s dynamism has a number of key drivers:

  • The strength of Hangzhou’s services sector as China transitions to a ‘new normal’ of slower but more sustainable growth. This drives strong demand for office space and adds momentum to the city’s real estate market.
  • Hangzhou’s energetic private economy and start-up culture, which have spared it from many of the difficulties associated with reforming China’s vast state-owned sector.
  • Hangzhou’s rise as a technology hub, catalyzed by the emergence and international expansion of Alibaba.
  • A strong education system, good quality of life, and a robust economy have made Hangzhou a magnet for talent.
  • Hosting events like the G20 Summit and Asian Games has brought new investment in Hangzhou’s infrastructure and public facilities.
  • Hangzhou already is a tourism and leisure hub, and is increasing its focus on the MICE (meetings, incentives, conventions, and exhibitions) sector.
  • A strategic location in the Yangtze River Delta, one of China’s most prosperous city clusters.
  • Improving connectivity, driven by excellent expressways, a growing metro network, and China’s expanding high-speed rail system.​

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