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Chinanews, Beijing, December 18 – The average price of Siheyuan (quadrangles or courtyard house) in Beijing is around several million yuan each. The most expensive one is even priced at 93.5 million yuan, which can be called bubble price.
As quadrangles attract legions of tourists every year, many of them have been renovated1 for use as restaurants or hotels. A large number of owners of quadrangles also wish to sell their property at present. “The price of my quadrangle is evaluated to be around 90 million yuan,” said Mr. Chen. Chen’s quadrangle covers an area of 1,700 sq m, and it was built in the Qing Dynasty (1644-1911). Chen and his family members plan to migrate to the US, Canada and Taiwan respectively, thus they want to sell the quadrangle. The price of Chen’s property 4 years ago was only 50 million yuan. A housing agency in Beijing deals with 30 – 40 quadrangle exchanges every year, with customers from both home and abroad. Currently, there are fewer than 160,000 quadrangles left in Beijing, some 3,000 of them belonging to private owners, and many investors2 are planning to buy such quadrangles. However, due to their high prices, most of the general public can’t afford buying quadrangles, except wealthy businesspeople or pop stars.
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