Hainan suspends commercial land transfers

16:38, January 21, 2010      

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Commercial land transfer has been suspended in Hainan province, but its provincial party chief said the move would not affect the development of the real estate, xinhuanet.com reported.

Wei Liucheng, party chief of Hainan province said yesterday that there were plenty of land resources in the province after the administration suspended the commercial land transfer to prevent "hot money" engaging in land speculation.

China's State Council had previously announced its plan to make Hainan an international tourist destination. Some developers bought land, expecting it to appreciate, causing an increase in demand, which then caused the land value of Hainan to increase in a short time.

The new regulation may counteract that trend: "We will not sell any piece of land to those bad-name developers who affected the rule of market," said Wei.

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