Hangzhou, Zhejiang Province has not only experienced an increase in tourism, but the city's real estate sector has also received a boost following the recent G20 Summit.

As of Sunday, Sept 18, home prices in the region had sparked by 22 percent from the previous year. A record has also been set with over 5,105 homes, valued at over $1 billion, bought within a single day on Sunday, according to local housing authorities.

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The rise in home prices has prompted authorities to prevent non-Hangzhou residents who already own one or more houses from purchasing another house in the region.

According to Yu Xiaofeng, a professor with Zhejiang University of Technology's Real-Estate Studies Center, the first week after the G20 Summit saw the most purchase in houses.

"Non-local residents made up 34 percent of Hangzhou's home sales in August, rising to 39 percent in the first week after the summit," he said.

Yu, however, noted that there is an indication of over investment and speculation in the region.

Hangzhou's tourism sector also benefitted from the summit.

According to Yang Yanfeng, a researcher with the China Tourism Academy, the recent renovations in the city will capture the attention tourists.

"The Great Wall, pandas, Tibet and the landscapes of Guilin are usually what foreigners equate with China. But the promotion of Hangzhou this month highlighted its picturesque scenery and is likely to attract more visitors," he said.

According to He Jianmin, a professor at Shanghai University of Finance, the region had made several breakthroughs, but some parts of the region maintain a free entrance policy.

"We saw the ticket prices from many other attractions double or even triple, but Hangzhou sacrificed a loss in ticket revenue for the development of the tourism industry and the service sector as a whole," he explained.

Tagschina, Hangzhou Housing security and Management Bureau, tourism, real estate