A couple of years ago, Wangjing was known as Little Korea. That’s changed. Nowadays, it’s a bustling suburb with a diverse international community from all over the world. Agenda met up with Fred Zhang of Bei Shun Property Development Company to learn why Wangjing is the place to be.

Why is Wangjing attracting so many expats?
In the past few years a lot of multinational companies have made Wangjing their home: Siemens, Ericsson, Nestle, Microsoft, Benz and Daimler, just to name a few. Considering the state of traffic in Beijing, the best solution is to live somewhere close to the office, so many employees of these companies have chosen to live here. Its proximity to the airport, the freeway and its position as the middle point between Shunyi and the CBD area are also key factors that lure people to this area.

What should a potential renter or buyer know about the area?
One of the nice things about Wangjing is that it is a self-contained area. Everything you need is within walking distance: supermarkets, shopping malls and restaurants. Wangjing is home to IKEA, Carrefour, Walmart and several shopping malls, as well as many international gyms and spas, including places like Nirvana, Le Wellness and Hosa gym. The one thing you won’t find much of in Wangjing is nightlife, unless you count the numerous
karaoke bars you will find here.

So would you describe the area as family-friendly, then?
Yes! Wangjing is a great place for families. There are several play centers, including Family Box and Gymboree, Nanhu park, many kindergartens and the Beijing Youth World Academy (BWYA) international school. Wangjing is also very close to Lido, so there are actually a lot more options both in terms of dining and nightlife and family activities if you count those as well.

Tell us a bit about your company and what it has to offer.
Our company was established in 1994, and we have developed several residential projects such as Parkview Tower, Grand Hills, and the Atlantic Place. There are two parts to our company: we develop the properties, and then we sell some of them and manage the others. Currently, we are managing the Fairmont Tower, a two-tower office building, with 16 stories each and with 1,235 square meters of standard office space per floor and three levels of underground parking spaces.

This building is centrally managed and leased by our group to ensure superior quality in both infrastructure and service standards for the intelligent office building. Our group also provides comprehensive management services, such as fresh air exchange, individual temperature control, elevator security control, energy saving program, mail delivery services, etc. The facilities in and around the buildings include restaurants, cafeteria, coffee bars, a business center, a rooftop garden, an exhibition hall and a convenience store.

We also own and manage the Fairmont Residence, a service apartment and hotel complex, which has 150 service apartments, ranging from studios, one-bedrooms and two-bedrooms to three bedrooms. Some of our rooms include fully furnished kitchenettes, satellite TV, and a washing machine, and the air conditioning system is equipped with fresh air ventilation.

Another property we developed is one phase of the Atlantic Place, one of the most modern and attractive residential communities in the Wangjing area, which we now manage.

What are the average costs of properties in this area?
If you’re looking to rent an apartment in Wangjing, you’ll spend between RMB2.2 and RMB4 per square meter per day, and between RMB20,000 and RMB30,000 per square foot for old properties and RMB25,000 and RMB35,000 for new properties.

What about traffic and public transportation to and in Wangjing? Is it convenient?
Wangjing is very well connected, and is on both line 13 and line 15 of the subway. There are also more than 60 bus lines going through Wangjing, and because there are a lot of commuters in this area there is never a shortage of taxis. Not only that, but it’s also easily accessible by the fourth and fifth ring road, Jingchen highway, airport expressway and Jingmi Road.

Are there any downsides to investing in or living in Wangjing?
In terns of investment, Wangjing is not an area where an investor can get short-term high returns. It’s much more of a long-term investment.

Is Wangjing a good area to invest in? What are your predictions for prices in the upcoming years?
The total population in Wangjing exceeded 250,000 at end of 2010, and most of the residents are from the mid-to-high income bracket. Many multinational and local companies moved their research and development centers or branch offices to Wangjing since 2006, which in turn has stimulated housing demand in both the rental and purchase market. We have witnessed a steady price appreciation for high quality living compounds in the Wangjing area, and the prices have being gradually catching up with those along the fourth ring road. The fast increase of Chinese white collar and western families will definitely put further pressure on the property prices, so yes, I would say that Wangjing is a good area to invest in if you are willing to let your investment appreciate gradually. Because of the influx of international families, we’ve also seen spikes in prices in residential areas located near to good schools.

For more information about Fairmont properties, please visit www.fairmont-tower.com and www.fairmontresidence.com.cn

Article from Agenda, issue 71, Jan 13-Jan 26. To read more from the most recent issue of Agenda, download the PDF here. To find a copy, contact our distribution department at distribution@agendabeijing.com with an idea of where you work, live or play and we'll tell you where you can find one near you.