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**Hangzhou Sees Another Land Auction, with Youngor Making a Big Move**
Hangzhou once again held a land auction event yesterday, drawing significant attention from developers across the region. Among the three plots up for sale, two were located in the highly sought-after Shenhua area, while the third was situated in the more rural pastoral zone. In a surprising move, Youngor made a strong entry into the market, securing both of the Shenhua plots in a single bidding round. The total price reached an impressive 2.421 billion yuan, setting a new record for the area.
According to reports, Youngor has been actively participating in recent land auctions, showing no signs of slowing down despite the tightening of macroeconomic policies. This aggressive strategy has raised questions about why the company continues to invest heavily in real estate, even under such pressure.
A representative from a listed real estate firm in Hangzhou explained that Youngor's projects are considered challenging to turn a profit on. However, one key indicator is the floor price of the land, which has come very close to the current selling prices of new and second-hand properties in the area. For instance, the average price in the Shenhua district now stands at around 24,000 yuan per square meter, while several well-known second-hand housing areas, such as Guangyu Xicheng Nianhua, Kunlun Oak Garden, Xiean Shangshang, and Huayuanfang Manting, are currently being sold for approximately 21,000 yuan per square meter.
Despite its long history since 1979, Youngor’s core business has traditionally been in textiles and clothing. However, its expansion into real estate and equity investments has somewhat overshadowed its traditional operations.
In 2009, the company reported over 10 billion yuan in total revenue, with 6.9 billion yuan coming from textiles and apparel, and 5.2 billion yuan from real estate. Notably, net profits from real estate and investment activities reached 2.8 billion yuan, while the textile and apparel division contributed a net profit of 440 million yuan—making it significantly more profitable than its real estate ventures.
September 15, 2025