Lot No.77 of Yuhang Cluster (Yuhang District Government Reserve Land Leasing [2021] No.20) was sold to Hangzhou ByteDance Science and Technology Ltd. at 700 million yuan (floor price) at 9:00 yesterday morning. The lot will be used for Internet, short video media, and other businesses.

Regarded as the Silicon Valley of China, Hangzhou has attracted leading Internet enterprises like Alibaba and Netease. The settlement of Huawei Hangzhou Institute, Xiaomi, JD.com and other organizations and enterprises also helps make Hangzhou more appealing to other Internet enterprises in China, to whom “Go to Hangzhou” has now become an ideal option.