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Located within the CBD area, Millennium
Residences and Forte International Apartment
(formerly known as Shiy HWA Centre) were
completed in 1Q09, adding 329 units of serviced
apartment and 370 units of luxury apartment to
the stock of the local luxury residential market,
respectively. Market observations by Colliers
International revealed that landlords of some
residential properties postponed their project
completion dates, which decisions were largely
made in consideration of the current weak sales
market and individual fnancial status.
本季豪华住宅市场的新增供应包括来自位于CBD区
域内329套的北京千禧服务式公寓和370套的复地
国际公寓(曾用名世华国际中心)。根据高力国际的
市场观察发现，受当前低迷的住宅销售市场和个案
项目的财务状况影响，部分住宅项目推迟竣工入市
时间
suPPly 供应
outlook 展望
supply
Vacancy
Rents
capital Values
overall
luxury apartments
serviced apartments
Villas
With the aforementioned new completions, total
stock of the Beijing luxury residential properties
expanded to 50,942 units, up 1.39% q-o-q or
28.22% y-o-y. Of this, the stock of the villa sector
remained at 12,742 units, accounting for 25.01%,
while that of the luxury apartment sector and the
serviced apartment sector were 29,832 units and
8,368 units, accounting for 58.56% and 16.43%,
up 1.26% q-o-q and 4.09% q-o-q, respectively.
由于上述新竣工项目的注入，北京豪华住宅市场
的存量扩大至50,942套，环比增幅1.39%，同比增
幅28.22%。其中，别墅市场的存量维持在12,742
套，本季内占总存量的25.01%；豪华公寓市场的
存量为29,832套，占总存量的58.56%；服务式公
寓的存量为8,368套，占总存量的16.43%，后两者
分别环比增长1.26%和4.09%
*
**
***
source: Beijing statistics Bureau, PBoc
data as of end-08
data as of end-Feb09
actural rate
***
collieRs inteRnational2
The Knowledge Report | First Quarter || Beijing Residential Property
With the ongoing fnancial crisis and the continued slowed down
economy in the locality, leasing demand for luxury properties continued
to weaken in the frst quarter of . Demand for residential properties
from both mid- to low-level expatriate staff and senior executives at
MNCs continued to dwindle, as some MNCs postponed or withdrew
their further investment in their Beijing operations while a few even
closed their representative offces, as was the case of America Online
(AOL). As a result, the overall vacancy rate of the Beijing luxury
residential market increased from 31.06% in 4Q08 to 31.8% in 1Q09.
Breaking down by sectors, villa, luxury apartment, and serviced
apartment recorded vacancy rates of 32.66%, 29.51% and 38.83%,
respectively. Total net absorption of the Beijing luxury residential
market was 89 units in the quarter, of which the villa sector and
apartment sectors accounted for 86 units and 47 units, down 80.28%
and 26.56% q-o-q, respectively, whilst the serviced apartment sector
accounted for -44 units.
鉴于持续的金融危机和本地经济的继续下滑，北京豪华住宅市场的租赁
需求在季内继续表现疲软。受金融危机的影响，北京市场内跃现一些跨
国公司推迟或取消在京追加性投资，甚至撤销其办事处，举例如美国在
线 (AOL)，导致来自普通外派员工和高级管理人员对豪华住宅的租赁需求
出现继续萎缩。因此，北京整体豪华住宅市场的空置率从四季度
的31.06%上升至本季的31.8%。按物业种类分析，别墅、豪华公寓和服
务式公寓的空置率分别达32.66%, 29.51%和38.83%。就总体而言，
年第一季度，北京豪华住宅市场的净吸纳量为89套，其中，别墅和豪华
公寓净吸纳量录得环比下降80.28%和26.56%，至86和47套，而豪华服务
式公寓为-44套
deMand需求
Figure 1 Overall Supply&Demand of Beijing Luxury Residential Market
图1 北京豪华住宅市场整体供应与需求
Figure 2 Stock of Beijing Luxury Residential Market by Sector
图2 北京豪华住宅市场各物业类型存量
Source: Research&Advisory, Colliers International Beijing
数据来源：北京高力国际研究与咨询部
Source: Research&Advisory, Colliers International Beijing
数据来源：北京高力国际研究与咨询部
Figure 3 New Supply&Net Absorption of Beijing Luxury Residential Market
图3 北京豪华住宅市场新增供应和净吸纳量
Figure 4 Rents of Beijing Luxury Residential Market by Sector
图4 北京豪华住宅市场各物业类型租金
Source: Research&Advisory, Colliers International Beijing
数据来源：北京高力国际研究与咨询部
Source: Research&Advisory, Colliers International Beijing
数据来源：北京高力国际研究与咨询部
collieRs inteRnational3
The Knowledge Report | First Quarter || Beijing Residential Property
In order to attract tenants and cope with the ferce leasing competition,
many landlords of different type of properties, including villa, luxury
apartment and serviced apartment, started to offer cut-throat incentive
rentals in this quarter. As a consequence, the average rentals of villa,
luxury apartment and serviced apartment properties plummeted
to RMB94.39 psm per month, RMB136.72 psm per month and
RMB177.01 psm per month, down 12.34%, 11.60%, and 14.45%
q-o-q, respectively.
为吸引租户、应对激烈的市场竞争，众多来自不同类型物业的业主，包
括别墅、豪华公寓和服务式公寓，于季内开始采取割喉式优惠租金，致
使本季上述三种类型物业的平均租金下跌至94.39，136.72和177.01人民
币每月每平方米，环比跌幅分别达到12.34%, 11.60%和14.45%
Rents租金
inVestMent投资
In a general sense, the overall sales and investment market in the luxury
residential sector in Beijing remained stagnant in 1Q09 due primarily to
the large pricing expectations between developers and investors, which
stemmed from overseas to domestic and institutional to individual.
However, as forecasted in our previous report, there would be more
sales transactions looming onto the market as some fnancially strapped
developers would have to sell their projects to cash rich investors,
evidenced by an en bloc sales deal concluded in the quarter. CITIC
Trust&Investment recently bought the Taiyanggong B project from
Citychamp Dartong for RMB2.06 billion, with total residential GFA
of 165,900 sqm.
就整体而言，主要由于当前发展商和来自无论是国际或国内、机构或个
人投资者的预期价格差距仍然较大，本季北京豪华住宅的投资购买市场
继续维持停滞。尽管这样，如我们之前的报告所预测的一致，市场会显
现一些由于财务紧张的原因所引致的发展商出售项目给资金充裕的投资
者的交易，这可从本季发生整售交易案例中得以印证：中信信托投资有
限责任公司以约人民币20.6亿元的总价从冠城大通整体购得其太阳宫新区
B区项目，其中住宅部分的总面积为165,900平方米
outlook展望
Despite that the local GDP is projected to continue to grow rapidly
against the backdrop of the gloomy global economics in , the
market sentiment should remain weak across the board. Both the
Central Government and the city council have employed more
proactive attitude and created a series of encouraging measures to boost
the internal demand. The Chinese banking system has started to ease
credit control on infrastructure constructions, real estate developments,
small- to mid-sized enterprises’ fnancing, and agriculture subsidiaries,
which should inject more liquidity as well as confdence in the economic
growth. Together with the recent announcement of temporary lift on
the constraint policy of foreigners’ property purchasing in Beijing in
, favourable bank rates offered to second-home buyers, conditional
on improving living standards through the purchase should bring about
some supporting impacts on preventing the residential property prices
from signifcant plummets in Beijing.
尽管预计北京的经济在全球经济低迷的情况下仍将保持相对较快
的增长，但整体房地产市场信心在短期内仍会表现较弱。中央及地方政
府已经采用更为积极的态度，出台一系列鼓励性政策来振兴经济，包括
中国的银行系统开始放松信贷，支持基础设施建设、房地产开发、中小
企业贷款和农业补贴，将对经济增长注入更多的流动性和发展信心。加
上来自近期出台的包括暂时取消对外籍人士在京购房之限制和对
因改善居住条件而购置第二套住宅的居民提供优惠房屋贷款利率等措施
的意见，这些宏观的举措将对防止房地产市场价格大幅下滑起到一定的
支撑性作用
It is expected that the later phases of the projects of Highland Mansion,
Ocean Great Harmony, and Zhujiang Villa will be launched onto the
market for pre-sales in 2Q09. Given the weakened demand could
hardly be expanded in a short time, and a total of 15,970 units will be
pumped into the market, the overall vacancy rate of Beijing’s luxury
property market is forecasted to increase to 33.35% and 30.18% by the
end ofand , respectively.
预计下季度开盘项目有亿城西山华府、远洋万和城、珠江壹千栋，但
均为老盘的后期项目。考虑到疲软的需求结构很难在短时间内改变和
15,970套新增供应，北京豪华住宅市场的整体空置率将在和
年分别达到33.35%和30.18%
contact inFoRMation
this report and other research materials may be found on
our website at colliers. Questions related to
information herein should be directed to the Research &
advisory department at the number indicated above. this
document has been prepared by colliers international
for advertising and general information only. colliers
international makes no guarantees, representations or
warranties of any kind, expressed or implied, regarding
the information including, but not limited to, warranties of
content, accuracy and reliability. any interested party should
undertake their own inquiries as to the accuracy of the
information. colliers international excludes unequivocally
all inferred or implied terms, conditions and warranties
arising out of this document and excludes all liability for loss
and damages arising there from. colliers international is a
worldwide affliation of independently owned and operated
companies.
colliers/china
The Knowledge Report | First Quarter || Beijing Residential Property
293 oFFices in 61 countRies on 6
continents
usa 99
canada 19
latin america 18
asia Pacifc 62
eMea 95
$2 billion in annual revenue
80.6 million square meters under management
11,000 Professionals
amanda gao
Managing Director
North China
Tel: 86 10 85181633
Fax: 86 10 85181638
amanda.gao@Colliers
carlby Xie
Associate Director
Research and Advisory
North China
Tel: 86 10 85181590
Fax: 86 10 85181638
carlby.xie@Colliers
colliers international Property services
(Beijing) co., ltd.
Suite 502, Tower W3, Oriental Plaza,
No.1, East Chang An Avenue,
Dong Cheng District, Beijing, 100738, P. R. China
It is projected that the luxury residential
property market should most likely remain
at the correction circle stage through
. With this in mind, capital value of
luxury apartment is forecast to decline to
RMB28,720 psm by end-09 whereas the net
effective yield of the market should fall to
3.70% in .
预计整体豪华住宅市场将在持续调整
的态势。基于上述考虑，北京豪华公寓的平均
资本值（价格）在底将下降到28,720
人民币每平方米，而豪华住宅项目的净投资收
益率也将下滑到3.70%
On the investment front, many cash rich
private equities, real estate funds, SOEs and
insurance companies continued to source
purchasing opportunities, with a trend that
shows that properties must be equipped with
good location and be high-end projects. The
residual problem is that foreign funds may still
encounter minimised diffculties in entering
the Chinese capital market though several
policies towards loosening the control on
the FDI to the real estate sector have been
released. Nevertheless, Colliers International
contends that there should be more en bloc
sales transactions looming on the horizon.
从投资角度来看，当前许多拥有现金储备和有
金融机构信贷支持的私募基金、房地产基金、
国有企业和保险公司都在关注潜在的购买机
会。从形成的趋势来看，这些被关注的项目应
该定位高端，同时位于较好的地理位置。另外
值得关注的是，尽管国家出台了一些放松外商
在房地产方面投资的政策，外资基金进入中国
资本市场还会面临到一些已被缩小的限制范
围。即便如此，高力国际相信未来市场将会呈
现更多的整体收购案例
Unless the global economies rebound,
the leasing demand for luxury residential
properties, whether it is from MNCs, State-
owned enterprises, or private-owned frms,
should remain weak, as a result of the
continued tightening housing allowance
budget and cost saving policy in many
corporations of these kinds. Facing the
dwindling demand size and new completions
in the market, most landlords will continue
to offer very competitive rental schemes,
consequently, leading the overall average
rental to decrease further by the year end.
Colliers International views that the average
rent of the luxury apartment sector should
arrive at RMB129.51 psm per month by end-
.
除非全球性经济有较明显的大幅度好转，当前
不管是来自跨国公司、国有企业或者私人公司
的租赁需求都将继续受到紧缩的预算支出和成
本控制政策的挤压，呈现较弱的态势。而面对
目前正在萎缩的市场需求和预计的新增供应，
大部分业主仍会继续提供具有相当吸引力的租
金方案。鉴于此，预计北京地区的租金水平将
继续下挫至年底。高力国际预测，北京豪华公
寓的平均租金在年末将跌至129.51人民币每月
每平方米。
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