News Desk
The Vancouver Forest Villa, a gated enclave of multimillion-yuan mansions on Beijing’s outskirts, now stands eerily quiet, its manicured lawns choked with weeds and homes left vacant. Once a glittering showcase of China’s new wealth, this ghostly tableau reflects a broader malaise gripping the nation’s elite. As economic headwinds and growing unease drive tycoons abroad, Beijing’s luxury real estate market—long a symbol of prosperity—unravels, casting a shadow over the country’s financial future.
Beijing’s once-thriving luxury villa communities are now facing abandonment and decay as the city’s wealthy elites rush to emigrate. In Changping District, rows of once-opulent mansions sit empty, overtaken by weeds and neglect. The Vancouver Forest Villa community, once a proud symbol of elite wealth, has transformed into a ghost town. Gardens are choked with overgrowth, villas stand dark and silent, and what was once a booming neighborhood now reflects the broader economic and social shifts in China.
Vancouver Forest, also marketed as Vancouver Garden Villas, consists mainly of detached and semi-detached homes. Real estate platforms such as Anjuke and Fang.com list prices starting at 10 million yuan, with larger units ranging from 15 to 25 million yuan (roughly $2 to $3.5 million USD). Built between 2002 and 2003, the project is now over two decades old, and its decline is emblematic of the broader struggles facing China’s luxury real estate market.
According to reports, most of the original homeowners—many born in the 1970s—have long since moved abroad. They have not only transferred their assets but also obtained foreign residency, such as green cards. A local real estate agent confirmed that foreign residency among owners has become the norm, with many villas remaining unoccupied for years.
Inside one of the properties, visitors have found unkempt lawns, crumbling pathways, and no signs of life. Observers have remarked that finding a neighbour in the area is nearly impossible, as nearby villas are just as deserted. Vancouver Forest was once one of Beijing’s most liquid luxury housing markets, where homes changed hands frequently during the property boom. Despite relatively dense development, most units are standalone mansions.
Today, market activity has nearly ground to a halt. Prices for secondhand villas have fallen by as much as 50%, yet buyers remain scarce.
With so many properties sitting idle, new uses have emerged. Agents report that most renters now use the villas as commercial spaces, offices, live-streaming studios, or product warehouses. Some homes are filled with boxes of online merchandise, while others serve as makeshift business hubs. In one case, a neighbour parked in front of an abandoned home, knowing the owner wouldn’t care.
One agent noted that many renters who moved into the area over the past few years have since vacated, most unable to keep up with rent after mid-2023. While official data on vacancy rates in Beijing’s luxury market remains elusive, anecdotal evidence paints a clear picture: the high-end market is struggling. Developers are slashing prices on new projects to attract interest, rental yields for luxury homes remain low, and landlords are finding it increasingly difficult to secure long-term, high-paying tenants.
The trend extends far beyond one neighborhood. China’s wealthy have been leaving the country for years, but the exodus gained momentum during the COVID-19 pandemic as frustrations with the government’s rigid control escalated. Once lockdowns were lifted, the floodgates opened.
Data from Henley & Partners, a global investment migration firm, shows that 13,800 high-net-worth individuals left China in 2023 alone, a 28% rise from the previous year and the highest of any country. By the end of 2024, that figure is projected to hit 15,200, setting a new record. These millionaires don’t just leave; they take their capital with them, further exacerbating China’s economic challenges.
Reflecting on the demographic shift, observers note that most Vancouver Forest homeowners belong to China’s post-70s generation. Many started businesses in the early 2000s, amassed significant wealth, and by 2020, just before the pandemic had either immigrated or opted for a quiet life at home.
The post-80s generation, however, has faced a harsher reality. They had just begun climbing the economic ladder when the pandemic hit, disrupting their progress. Many now find themselves struggling to maintain their financial standing, unable to reach the heights of their predecessors.
Many villas are now visibly falling apart. Reports document cracked floor tiles, warped wood panels, broken fences, and moldy garage walls. The damage is severe—leave a mansion empty for a few years, and this is the result.
The lockdowns only made things worse. Restricted access and stalled maintenance accelerated the deterioration of these properties. Today, many are used purely as workspaces. Some are being renovated, others rented out, but the contrast is stark.
Observers note a sharp divide: some are running away, while others are fixing up. The once-thriving luxury housing market now stands as a testament to China’s shifting economic landscape, where uncertainty and emigration have left behind empty mansions and fading wealth.
