Indeed, few companies coming into Beijing seem worried. For one thing, hotels groups like Marriott International tend to operate hotels for local business people who develop the properties, so they are more insulated from real estate costs and risks. Similarly, most retail outlets have a local partner or franchisee, although direct investment has been growing.

Moreover, China’s long-term growth prospects and Beijing’s healthy mix of tourists and business travellers bode well for the long term. Past Olympic host cities have largely been in developed countries. Beijing, by contrast, is experiencing breathtaking growth, and the investments made for the Olympics, largely centered on improving transportation and infrastructure, will only help its future growth, according to Michael Thompson, the president of Cushman & Wakefield’s Asia unit.