China Central Television (CCTV) is building a spectacular new complex in the heart of the Central Business District (CBD). This is one of the last old buildings that is being razed to make way for it. The residents have made a very public protest about the compensation they apparently were paid: 4500 yuan is about $563 per square meter. This is indeed very little money, and won’t buy you anything within the Fifth Ring Road in Beijing now.

The vertical white banner reads: “Only 4500 Yuan Per Square Meter Compensation from CCTV: Where’s the Justice?” (”Wu Fa Wu Tian” is an ancient Chinese saying which could be directly translated as “no law, no limits (on power),” so I took some liberties with the translation.

The other characters say: “Get out!” (to CCTV), “Protect Human Rights,” “Cheating and Oppressing the Common People,” “No Way to Live,” and “Heaven’s Law Won’t Allow It!”

At the other end of the spectrum, this is a new building in our development that is being delivered today. Over 120 units priced at well over 10,000 yuan per square meter, 100% pre-sold. It’s located less than ten minutes from the CCTV complex. I estimate that about 60% of the apartments are held by “investors,” so the occupancy rate will be about 40% — not unusual.