High bar set for new homes in Beijing is turning off buyers
In the week ending March 18, 131 homes were sold across Beijing, according to the latest official data, compared with 1,981 units the same period a year ago
To reach the main exhibition hall of Ten Scenes Palace, a new villa and town house complex on the outskirts of northern Beijing, you have to pass through three gates, being saluted on the way by smartly dressed receptionists in scarlet coats and black leggings.
Outside, the large Chinese-style courtyard is decorated with peach trees, while in the spacious hall itself there’s a model of the complex, with every visitor closely hounded by a sale representative.
After a long tour, visitors can enjoy free fruit and snacks in a bright and comfortable lounge.
But despite all this effort and attention to fine detail, just three families were at Ten Scenes Palace during this particular Sunday-morning viewing.
Launched by Tahoe Group in Changping on March 8, more than 40 kilometres north of downtown Beijing, agents refused to say how many units have been sold, insisting visitors should buy early, not to miss out. Prices are still high, though, despite the lack of interest.
The smallest homes in the complex’s high-rise building are 133-136 square metres, and at 55,000 yuan (US$8,670) per sq m they carry a total price tag of around 7.4 million yuan. The villas are 330 sq m.