Why does Hangzhou Iron and Steel Xiyuan sell so cheaply?

There are more than 3,300 households and more than 7,000 people in Xiyuan Community of Hangzhou Steel. The proportion of elderly people over 60 is over 50%, which makes the house price cheaper than other places.

Hangzhou Iron and Steel Xiyuan is located in Gongshu Mid-levels of Hangzhou. Built by Hangzhou Chengyu Real Estate Co., Ltd., housing 153. The residential property company is the escrow property of the street office (neighborhood Committee).