Beijing: An Overview
If you can choose to visit only one city in China, Beijing should be at the top of the list. Together with Xian, Luoyang, Kaifeng, Nanjing, and Hangzhou, Beijing is one of the six ancient cities in China. As the capital of the People's Republic, Beijing is located in northern China, close to the Tianjin Municipality, and is partially surrounded by the Hebei Province. The city covers an area of more than 16,410 square kilometers (6,336 square miles) and has a population of nearly 15 million.
The Changing Face of China's Capital...
Few cities in the world are changing as quickly as Beijing…not counting its neighbor to the south of course, Shanghai. Upon departing the Beijing International Airport, construction cranes line the horizon, and wave after wave of new buildings consisting of hotels, shopping malls and commercial plazas are emerging at an inestimable pace. Beijing’s progression has been ongoing, but to be sure, with the prestige of playing host to the 2008 Olympics and billions in public and private capital flowing in, it’s an emphatic statement of China’s emergence as a global superpower.
In the first half of 2006, Beijing's economy soared 12.3%, higher than the average annual increase of 11% over the last 10 years. According to the Beijing Municipal Bureau of Statistics, the city's gross domestic product rose to 353.8 billion yuan while its fixed-assets investment surged nearly 24% to more than 120 billion yuan, of which real estate investment climbed 20.8%.
The Best of Both Worlds...
Beijing’s mixes the best of both worlds amidst all of its recent advances, retaining its rich cultural heritage while soaring modern architecture continues to emerge intertwining past, present and future from within its intricate system of ring roads surrounding the city.
China’s capital boasts a storied history that began some 500,000 years ago and continues to be written today; where ancient temples merge with modern marvels and many of the country’s best and world renowned attractions provide a glimpse into the city’s past while its burgeoning CBD (Central Business District) proudly displays the future.
Onward and Upward...
You can experience authentic Beijing life by exploring its many teahouses, temples, and of course, the famous Peking Opera. Or you may choose to explore the world’s largest ancient building complex, the longest man-made architecture, the oldest tree, or the greatest canyon. Or you can choose to be among the half-million or so visitors that will be on hand for Beijing’s crowning achievement in 2008, the Olympic Games—no small feat for the sizeable city that’s been preparing right along for its chance to lay out the welcome mat to the world.
Whatever the case, the housing market in Beijing should continue to thrive, and investment opportunities will continue to flourish as the city grows, tourism grows, and big business takes advantage of the booming economy. That stated, rules can change quickly in China, and in an attempt to cool an overzealous market and protect the interests of local residents, the authorities have followed through on a new rule introduced earlier in 2006.
News Flash: Spring 2007
Foreigners who intend to buy a house in Beijing must prove residence for a minimum of one year and need a certificate issued by the Beijing Municipal Security Bureau as proof. When purchasing a house, it must be for personal use and a certificate of status must be presented. Foreign organizations that set up branches or agences in Beijing should provide certificates to prove their legal status in the city and give written guarantees that the houses they buy are only used for their own needs. Foreign organizations and foreign individuals who want to buy houses in Beijing, other than for their own needs, should apply to set up a foreign company first.
So in essence, this does curb the rampant speculation that's dominated the housing market the last few years, and it will undoubtedly slow the pace, but it's not to discount that Beijing still offers much in the way of value and future growth potential, albeit under tighter restrictions for foreign buyers. We'll continue to offer updates here and adapt to the changing climate to meet the needs of interested parties. There are plenty of options, from second hand home purchases, which are not subject to the same conditions, to rental properties, and lease to buy homes. We will provide relocation assistance and continue to promote superior properties that will offer potential buyers a suitable living space, pleasant environment and a potentially solid investment in their future.
Properties Available in Beijing « Coming Soon »
For more information on relocating or making a property purchase in Beijing, please contact us: chinaventures@vinniesworld.com
