Core Viewpoint - The recent claim of purchasing a house in Hangzhou for 5600 yuan per square meter is misleading, as the actual market conditions and property characteristics suggest a more complex situation [1]. Group 1: Property Overview - The property in question, "Sen Yu Hai," was previously known as "Yun Du Mei Nong" and is located in a remote area of Xiaoshan, Hangzhou, with a history of development issues [3][6]. - Originally launched in 2013, the project faced bankruptcy and was acquired by Sunac in 2019 for 3.34 billion yuan, with a new positioning as a "retirement tourism complex" [3][4]. Group 2: Market Performance - Since the delivery of new homes began in 2021, the second-hand market performance of Sen Yu Hai has been poor, with a total of 195 transactions recorded in 2024, averaging only 9 transactions per month [5][6]. - The average price for second-hand homes in Sen Yu Hai is approximately 10,451 yuan per square meter, with the lowest recorded price in August 2024 being 7101 yuan per square meter [5][7]. Group 3: Location and Accessibility - The location of Sen Yu Hai is considered remote, being 23 kilometers from Xiaoshan's main urban area and over 35 kilometers from Hangzhou's city center, lacking nearby metro stations and sufficient living amenities [6][7]. - The limited accessibility and poor living conditions contribute to the low transaction volume, with real estate agents noting a scarcity of buyers despite the low price point [6][7]. Group 4: Pricing Dynamics - While some properties have been sold for as low as 5600 yuan per square meter, this is an exception rather than the norm, with most transactions occurring between 8000 and 10,000 yuan per square meter [7]. - The properties developed by Sunac, referred to as "gray houses," are currently priced around 10,000 yuan per square meter, reflecting a nearly 50% decrease from their initial launch prices [7].