Property sales have risen sharply since the second half of 2012 in Hangzhou and transactions for newly built residential properties soared 68.9 percent in the first quarter year-on-year.

Property sales in general surged 75.8 percent year-on-year.

The rise in sales invigorated the land market. The value of land traded in the first quarter hit 20.1 billion yuan ($3.26 billion), soaring 383 percent from a year ago.

Earlier, the Hangzhou bureau of land and resources announced that 92 plots of land will be sold in 2013, with a combined land size of 3 million square meters, Xinhuanet.com reported.