Among the things I’ve learned since getting here three weeks ago: Beijing’s got apartments to sell, and it wants to sell them fast. On my three-minute walk from the Shuangjing bus station to my apartment I pass four real estate offices. One perpetually has a crowd of at least three (twice that on weekends) young staffers standing outside in yellow blazers handing out flyers.
And it’s not just my neighborhood, which is home to easily more than a dozen new high-rise apartment buildings. This morning, walking along North Chaoyangmen Avene, I passed a ludicrous McDonald’s promotion that involved 10 poor souls dressed up as some kind of breakfast pie that I’m pretty sure is exclusively sold in China, taking photos with kids and pretending to fight each other (a preview of what happens in your stomach after you eat them?).
A small crowd had gathered and a couple of young real estate promoters were practicing a signature Chinese marketing technique—proximity to something that seems to be working better than what you’re doing. They stood next to the breakfast pies holding 8-by-10 laminated renderings of their apartment buildings.
I stopped to talk to one of them, a young woman named Ai Hua. She confirmed that she was advertising apartments for sale, not for rent. She explained that all I need is a Chinese friend to co-sign with me (and a stack of cash, I’m sure. We didn’t get that far) and one of these units could be mine. She assured me that her company wasn’t desperate to sell off this inventory before the Olympic Games end, and wouldn’t I just come with her and see one of these apartments?
I tried to think of other things that are sold on the street here—barbecued lamb and tofu, fake jade bracelets, newspapers… and real estate? I told her that I wasn’t shopping for an apartment but that if I were, I would wait at least for next fall. Beijing will certainly not be a ghost town after the games, but trust me: There will be an exodus, however temporary, of some deep pockets.
If sidewalk real estate sales doesn’t shock you, here’s another story. Friday afternoon, I was sitting in a cable car coming down from the Simatai section of the Great Wall and my phone rang. “Welcome to Beijing,” the voice on the other end said. They know I’m new here because I just bought a Beijing SIM card. “Have you bought an apartment yet?” I asked where he had gotten my number, and he answered, “China Mobile.” The phone companies here have no problem selling your number to businesses, and there’s no do-not-call list in China. I told him I am not buying an apartment, and never to call me again. That cold call was made with absolutely no knowledge of my ability or desire to buy an apartment—they had nothing but a number.
I am not a real estate expert by any stretch of the definition, but here is my humble suggestion on investing in property in Beijing this summer: Stay away.