Hainan to halt land development approval on speculation concerns

13:43, January 17, 2010      

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China's southern island province of Hainan will suspend land leasing and development approval in a move to curb property speculation, the province's Party chief has said.

Following a tourism promotion policy document issued by the central government earlier this month, real estate developers have flocked into the island, causing new property bubble concerns, WeiLiucheng, secretary of the Communist Party of China Hainan provincial committee, said at a meeting in Haikou Friday.

The provincial government would not approve any program for land leasing and development before a specific plan gets nod from the the National Development and Reform Commission (NDRC), in an effort to clamp down on potential speculation in the housing market, he said.

The central government announced on Jan. 4 a plan to build the island into a top international tourist destination by 2020. The specific tourism promotion plan is currently under study and scheduled to be submitted to the National Development and Reform Commission between March and April.

Housing prices in Hainan has surged after the release of the tourism-boosting plan, with some programs hitting 70,000 yuan (10,249 U.S. dollars) per square meter, arising high alertness from the local government.

The government will step up efforts for affordable housing construction, intensify governmental regulations in market planning and land supply, so as to guide the real estate market todevelop in a healthy and steady way, according to Wei.

Source: Xinhua
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