Beijing apartment rents skyrocketing ahead of Olympics Beijing

Beijing apartment rents skyrocketing ahead of Olympics Beijing
Jan 21, 2008 01:18
GLOBALCOMDIR Points: Join Date: Jan 15, 2008 Status: offline	Beijing apartment rents skyrocketing ahead of Olympics Beijing Beijing apartment rents skyrocketing ahead of Olympics Beijing BEIJING, Jan. 11 (AP) - (Kyodo)—Landlords in Beijing are significantly increasing apartment rents ahead of the Olympics this summer, with at least one serviced apartment complex set to charge its tenants roughly nine times more than usual around the time of the sports spectacle. Some individual condominium owners in the Chinese capital, meanwhile, are contemplating moving out of their homes for the duration of the Summer Games and renting them out at significantly elevated prices. "Rent for apartments owned by individuals has at this point already gone up by about 50 percent, in some cases double the usual price," said Liu Qinghao, a salesman at Beijing-based Land real estate company. (Accommodation Beijing and Apartment beijing) "A lot of individual landlords are thinking of leaving town around the Olympic period and renting out their apartments at a very high price," Liu said. "Some may charge about 2,000 yuan (about $275) a day." Rent for apartments owned by companies, including those that are furnished and provide cleaning services, has also gone up by 10-30 percent in recent months, according to Liu. A company operating one such apartment complex near Tiananmen Square in the center of the city has told its tenants it will raise rent by about nine times during the one to two months around the Summer Games from Aug. 8. Under the plan, a one-bedroom, one-living room apartment will cost about 160,000 yuan a month, according to the notice the Beijing-based company issued to one of its tenants. The landlords in Beijing hope to accommodate people from out of town who will not be able to stay in hotels, many of which say are either already fully booked or have few rooms left. The Ritz-Carlton Beijing, Financial Street, a five-star hotel in downtown Beijing, said it was fully booked for the two weeks of the Olympics and has a waiting list of people who wish to reserve a room. A survey carried out by the Ritz-Carlton, based on unofficial sources from the market, showed that the average rate of a standard room of international five-star hotels was about $1,000 a night, according to Finella Siambun, the hotel's public relations director. That compares with the average rates of $200-250 for rooms at the hotels during the traditionally busy months in Beijing. Beijing tourism authorities have said that there are a total of 800 hotels <Apartment Beijing> in the Chinese capital, and that there should be enough hotel rooms to accommodate visitors.

Jan 21, 2008 01:18

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Beijing apartment rents skyrocketing ahead of Olympics Beijing

Beijing apartment rents skyrocketing ahead of Olympics Beijing

BEIJING, Jan. 11 (AP) - (Kyodo)—Landlords in Beijing are significantly increasing apartment rents ahead of the Olympics this summer, with at least one serviced apartment complex set to charge its tenants roughly nine times more than usual around the time of the sports spectacle.

Some individual condominium owners in the Chinese capital, meanwhile, are contemplating moving out of their homes for the duration of the Summer Games and renting them out at significantly elevated prices.

"Rent for apartments owned by individuals has at this point already gone up by about 50 percent, in some cases double the usual price," said Liu Qinghao, a salesman at Beijing-based Land real estate company. (Accommodation Beijing and Apartment beijing)

"A lot of individual landlords are thinking of leaving town around the Olympic period and renting out their apartments at a very high price," Liu said. "Some may charge about 2,000 yuan (about $275) a day."

Rent for apartments owned by companies, including those that are furnished and provide cleaning services, has also gone up by 10-30 percent in recent months, according to Liu.

A company operating one such apartment complex near Tiananmen Square in the center of the city has told its tenants it will raise rent by about nine times during the one to two months around the Summer Games from Aug. 8.

Under the plan, a one-bedroom, one-living room apartment will cost about 160,000 yuan a month, according to the notice the Beijing-based company issued to one of its tenants.

The landlords in Beijing hope to accommodate people from out of town who will not be able to stay in hotels, many of which say are either already fully booked or have few rooms left.

The Ritz-Carlton Beijing, Financial Street, a five-star hotel in downtown Beijing, said it was fully booked for the two weeks of the Olympics and has a waiting list of people who wish to reserve a room.

A survey carried out by the Ritz-Carlton, based on unofficial sources from the market, showed that the average rate of a standard room of international five-star hotels was about $1,000 a night, according to Finella Siambun, the hotel's public relations director.

That compares with the average rates of $200-250 for rooms at the hotels during the traditionally busy months in Beijing.

Beijing tourism authorities have said that there are a total of 800 hotels <Apartment Beijing> in the Chinese capital, and that there should be enough hotel rooms to accommodate visitors.

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