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Travel MONITOR
IMTIAZ MUQBIL
Beijing recorded 6.52 million visitor arrivals, including 382,000 from abroad, during the Olympic Games, according to official figures published last week.
The Xinhua news agency reported that tourist spots in the city reported total revenues of 162 million yuan (US$23 million), according to figures from the Beijing Statistics Bureau, the National Bureau of Statistics' Beijing survey team and the Beijing Tourism Bureau.
The results showed key attractions such as the Forbidden City, the Summer Palace and the Great Wall each received more than 230,000 tourists from Aug 8 to 24. Star-level hotels accepted around 80,000 guests each day. The five-star hotels had an occupancy rate of 81% with an average price of 3,604 yuan (US$525) per room per day.
With the Games now over, the focus of attention has now turned to capitalising on that massive availability of real estate space.
The improvements in infrastructure plus the massive amounts of space that will now be available for business, shopping, tourism, conventions and exhibitions mean that the city will be reaping benefits for years on end, according to a study by the real estate consultants Jones Lang LaSalle (JLL).
The long-term legacy of the Games for Beijing will be positive. Beijing after 2008 will be cleaner, and more cosmopolitan and international than before, making it a more attractive location to do business and a much more livable city, the report said.
It noted that Beijing has a long history as a popular tourist destination and, as the location of the Chinese government, also enjoys robust demand among business travellers. Just in the four- and five-star categories, a total of 5,822 new rooms were added in 2007 and 6,589 more are anticipated this year.
The report said several other new trends were emerging. Major operators such as Ritz Carlton and Westin are expanding into multiple locations in different parts of the city. More sophisticated hotel products are targeting the extreme high-end as well as budget guests and lifestyle-conscious travellers who prefer the boutique hotels.
According to the report, there will naturally be a noticeable drop-off after the Games, but the event will also serve to increase awareness of Beijing as both a tourism destination as well as a Mice (meetings, incentives, conferences and exhibitions) location.
Integration and utilisation of the new Olympic venues will be an important factor when projecting the legacy of the event, JLL said. During the Games, the host city needs a variety of large-capacity, world-class venues, but in previous host cities, it has been a challenge to operate these buildings profitably afterward.
London, (host of the 2012 Olympics) recognising this potential, has chosen a design for the main stadium that incorporates a large amount of temporary seating, leaving a much smaller stadium to manage after the Games.
Beijing's larger population (17 million compared to London's 7.5 million) combined with a shortage of existing, high-quality sports venues means that this sort of cautionary measure is likely not necessary. Beijing has boldly gone ahead with the construction of new venues, confident in the growing interest among Chinese in sports and leisure.
It cited the plans for the Beijing Olympic Basketball Arena which is to be turned into a world-class venue for sports, performances and special events. The developer of the adjacent Chang An Plaza complex is also projecting higher consumer traffic and publicity.
The report noted that international retail brands that were once constricted by a lack of suitable venues will also now have a field day. In 2007, four quality shopping centres were completed, and 11 more are anticipated in 2008.
Pre-leasing is extremely strong across the market as retailers move to establish a broad, geographically diverse presence across Beijing. Retailers continue to be highly interested as demographic growth is both dynamic and widespread across Beijing's large urban area, including in the less-traditional locations.
Many investors and developers look at the current market and see challenging conditions - massive new supply, tense competition for desirable tenants, increasing vacancy levels and anticipated downward pressure on rentals.
In such a competitive market, some projects will inevitably struggle, but those that are well-differentiated and positioned will continue to enjoy strong pre-leasing and higher traffic, the report said.
It noted that large-scale infrastructure projects fast-tracked for the Games would ensure more efficient transport. New subway lines have been completed, and expansive road projects are also being undertaken, including the second JingJinTang expressway. Major hub locations, particularly Beijing Capital International Airport, are set to benefit from these improvements.
Imtiaz Muqbil is executive editor of Travel Impact Newswire, an e-mailed feature and analysis service focusing on the Asia-Pacific travel industry.
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