Core Insights - The luxury residential project "Yuyuan" in Hangzhou has finally received its first pre-sale permit after 16 years, launching with a record-breaking average price of 18.86 million yuan per square meter, making it the most expensive new property in the city [1][3] - The project features 30 units of Chinese-style townhouses, with the most expensive unit priced at 10.964 million yuan, setting a new benchmark for luxury housing in Hangzhou [1][3] - The unique location of Yuyuan, adjacent to the Southern Song Dynasty Royal City ruins and close to West Lake, significantly contributes to its high value, being the only new project in a heritage protection area [2][3] Pricing and Market Impact - The price range for the units starts at 54.43 million yuan, with only two units priced below 60 million yuan, indicating a high-end market focus [1][3] - The launch of Yuyuan is expected to influence the luxury real estate market in Hangzhou, potentially paving the way for future projects priced above 100,000 yuan per square meter [3][4] - The project's low plot ratio of 1.01 and its storied development history enhance its appeal as a top-tier luxury residence [3] Market Testing - The successful sale of these high-priced units will serve as a critical test for the purchasing power in Hangzhou's luxury market, providing insights for future high-end developments [4]