26 November 2025 | 11:01AM CST Equity Research China Property: Hangzhou trip takeaway: reinforced polarization On Nov 25th, we toured Hangzhou to pulse-check on the local property market, visiting a local leading developer (Binjiang Group, 002244.SZ, Not Covered, with c.30% Hangzhou market share per management) and one of the company's high-profile residential projects (Jin Shang Wan Xiang Fu). In general, we note a reinforced polarization between the uninspiring broader market and the standalone out-perfor ...