- EV maker secures prime plot in central business district as Hangzhou courts corporate headquarters
- Deal adds Leapmotor to growing list of major firms betting on Qiantang River hub
Chinese electric vehicle maker Leapmotor (零跑汽车) has acquired a prime commercial site in Hangzhou for nearly 690 million yuan ($102 million), marking a major step in the company’s expansion as it joins a growing cluster of firms building headquarters in the city’s new riverside business district.
Hangzhou-based Leapmotor won the bid on May 28 for the first commercial and financial land parcel released in the Hangzhou Olympic International Business District.
The parcel sits on the southern bank of the Qiantang River, directly across from the city’s central Qianjiang New Town financial district. The site carries a mandatory floor-area ratio of 5.3 and a height limit of 120 meters.
Leapmotor plans to build a new headquarters beside the Hangzhou Olympic Sports Center, which hosted events during the 2023 Asian Games. The project will replace the automaker’s current office on Wulianwang Street in Binjiang district.
However, local authorities attached strict conditions to the sale. Leapmotor must qualify as a Hangzhou municipal-level headquarters enterprise and retain national high-tech enterprise status. The company must also invest at least 2 billion yuan in the project over the next five years.
Performance commitments
Analysts say such requirements effectively amount to performance commitments tied to the land deal, as local governments increasingly link prime land access to future revenue generation and corporate expansion targets.
These requirements also align with Binjiang District’s broader efforts to elevate the profile of the riverside area and attract globally recognized organizations.
In 2023, district authorities released an international master plan for the area, aiming to attract leading domestic and global companies, international organizations and high-end corporate headquarters along the Qiantang River waterfront.
Founded in 2015 by surveillance video giant Dahua Group’s chairman Zhu Jiangming, Leapmotor listed in Hong Kong in 2022 and has emerged as one of China’s leading EV startups. The company sold nearly 600,000 vehicles in 2025.
Revenue guarantees
The Olympic international business district has become one of Hangzhou’s most closely watched corporate development zones. Beverage chain Goodme (古茗) and e-commerce giant JD.com have also secured nearby sites for headquarters projects.
Goodme acquired a nearby parcel in January for 455 million yuan after its Hong Kong listing earlier this year. Under its investment agreement, the tea chain committed to meeting annual revenue targets in the district ranging from 1.7 billion yuan to 2.3 billion yuan between 2026 and 2030.
JD.com followed in April with a 663 million yuan land purchase for a Zhejiang regional center project, with planned investment of about 2 billion yuan and more than 4,000 employees.
Its agreement requires JD and its Hangzhou-controlled affiliates to generate at least 1 billion yuan in annual revenue at the site.
The company or its controlling shareholder must also remain on the Fortune Global 500 list for five consecutive years from 2026 through 2030, according to terms of the deal disclosed by local media.
