Property market cools on China's sunshine resort island: official

19:28, August 06, 2010      

Email | Print | Subscribe | Comments | Forum 

The runaway trend of soaring housing prices in China's southern island province of Hainan has been reined in thanks to a series of local government policies, a provincial housing official said Friday.

Hainan's housing prices had fallen from an average 14,000 yuan (2,059 U.S. dollars) per square meter last year to about 8,000 yuan, Cai Renjie, deputy director of Hainan's housing department, said at a press conference on the sidelines of the Shanghai World Expo.

Prices soared alarmingly after China's central government in January announced that Hainan was to be developed into a global tourist resort by 2020.

Prices averaged around 6,200 yuan a meter last summer, said Cai at an event to promote Hainan as an international tourist destination and to launch Hainan "culture week" at the Expo.

The fast expansion of the real estate market on the island earlier this year sparked fears that the island might repeat its boom-bust property trajectory of the 1990s.

Fearing speculation, the central government introduced a series of policies to curb housing prices, including steeper sales taxes and more affordable housing.

"The current price is relatively low compared with other large Chinese cities," Cai said.

However the real estate sector was a "foundation" for economic development and it was still gathering momentum, he said.


【1】 【2】

(Editor:燕勐)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Staff members watch a screen showing the blast-off of the Long March-2FT1 carrier rocket loaded with Tiangong-1 unmanned space lab module at Beijing Aerospace Control Center, Sept. 29, 2011. Commander-in-chief of China's manned space program Chang Wanquan announced Thursday night that the launch of Tiangong-1 space lab module was successful. (Xinhua/Wang Shen)
  • Chinese President Hu Jintao watches the launch of Tiangong-1 space lab module at Beijing Aerospace Control Center in Beijing, capital of China, Sept. 29, 2011. Other members of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, including Wu Bangguo, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang and Zhou Yongkang, are also present. (Xinhua/Rao Aimin)
  • The graphics shows the launch procedures of the carrier rocket of Tiangong-1 space lab module, Long March-2FT1 on Sept. 29, 2011. (Xinhua/Lu Zhe)
  • Image taken from Beijing Aerospace Control Center shows a Long March-2FT1 carrier rocket loaded with Tiangong-1 unmanned space lab module blasting off from the launch pad at the Jiuquan Satellite Launch Center in northwest China's Gansu Province, Sept. 29, 2011. (Xinhua)
  • On Sept. 28, tourists travel around the Mingshashan Scenic Area in Dunhuang, Gansu province by camel. With the National Day vacation right around the corner, more and more tourists from home and abroad are going to Dunhuang. Riding on a camel, they travel in the desert to enjoy the cities rare form of natural scenery. (Xinhua/Zhang Weixian)
  • Chinese forest armed forces work together with forest firefighters on Sept. 28. (Xinhua/Chai Liren)
Hot Forum Discussion