Low and high-rise complexes can be just as luxurious as standalone villas, and most are in or near the heart of the city
For those whose budgets don?t quite stretch to a mansion fit for a princeling, or for whom the convenience of living close to the office is all-important, there are exclusive townhouses and apartments on the market in Beijing.
One of the best examples is Richmond Park. 'We knew the upper end of the market is the way of the future. It's a bit like the end of the 1980s in Hong Kong, for comparison purposes,' says Lawrence Wood, chairman of the China Property Development Fund, which is building Richmond Park with the Netherlands-based ING group.
Dick Kwan, managing director for China of ING Real Estate, says high-end townhouses near the city centre -- but not too central - are a good bet.
'Inside the second ring road is increasingly a no-go area because of resettlement demands, and height restrictions are very low. A bit further out you get a better return on lower cost of land while still having convenient access to the city,' he says.
The benefits of Richmond Park are that it is close to the fourth ring road and the airport expressway. It is also in a predominantly expatriate area, with schools nearby.
The launch price was 9,000 yuan per square metre, which rose to 11,000 yuan per sq m after just two months. So far, 250 units have been sold and there are about 60 left. Most buyers have been local, with around 20 per cent from overseas.