"The Consumption Threshold of China’s New Royalty," part of a report released by Hu Run in August, shows that based on the total value of current fixed assets and the total amount of consumption, there are 51,000 people whose consumption is high enough to be considered "New Royalty" in China.
For this group of people, the consumption threshold is RMB87 million. In Beijing there are 143,000 people with assets over RMB10 million and 8,800 people with assets over RMB100 million. But money is not enough.
The report says: "We define the ‘New Royalty’ as people who have amassed huge wealth, embrace a refined and elegant lifestyle, and have a heart of kindness and honour. The development of upmarket real estate in the past five years is one of the greatest influences on the lifestyles of the New Royalty."
They have tastes which must be catered for. (The fact that you find that whole idea impossibly vulgar and possibly slightly vomit-making is besides the point. You probably feel the same way about royalty in general.)
The Imperial Axis, a project launched by Beijing Xinhengji Real Estate Company, is "a royal dwelling place on the central axis of Beijing." Modest and international on the outside, the interior design of the building is stunning. The interiors have a unique 60-meter space with a view on three sides, as deep as 28 meters, as well as 450 to 620 square-meter spaces and superbly decorated layouts, which make these apartments perfect for those leading lives of luxury."
PR NewsWire, which has got more than slightly carried away with the whole idea, tells us that the houses are decorated with furniture from dozens of top-class luxury brands, with doors, kitchenware, A/C, ventilation and intelligent security terminals all 100% customised. The PR company tells us that with only 30 units available, the project is a now-or-never treasure, a top-class and luxurious international residence.
All of which sounds over the top and somewhat vulgar. But the same could be said for Versailles and, arguably, Buckingham Palace.