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Design hierarchy plays an important role in timing-driven placement for large circuits. In this paper, we present a new methodology for delay budgeting based timing-driven placement. A novel slack assignment approach is described as well as its application on delay budgeting with design hierarchy information. The proposed timing-driven placement flow is implemented into a placement tool named Dragon (timing-driven mode), and evaluated using an industrial place and route flow. Compared to Cadence QPlace, timing-driven Dragon generates placement results with shorter clock cycle and better routability.