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People's Daily Online>>China Society

Hainan province mulls tax on vacant homes

By He Dan and Huang Yiming (China Daily)

08:09, February 13, 2012

HAIKOU - Political advisers in South China's Hainan province urged authorities to levy taxes on vacant homes in popular travel destinations to discourage speculation and cool the island's overheated property market.

The vacancy rate among residential buildings in Hainan has become alarmingly high because many non-residents have flooded the property market to buy winter vacation homes and investment properties, said Wang Yiwu, a member of the Chinese People's Political Consultative Conference Hainan Committee, on Saturday during the committee's ongoing annual plenary meeting.

"About 80 percent of the new residential buildings in cities such as Haikou and Sanya are vacant, according to my research on the property market in Haikou and Sanya," said Wang, who is also an economics professor from Hainan University.

Liu Huizhen, who works for a property maintenance company in Haikou, the capital of Hainan, said about 450 out of 500 apartments in the neighborhood she works for are owned by people who are not from the island, and about 200 homes are often vacant.

The market for winter homes has become very lucrative, said Dai Hong, another member who attended the committee's annual meeting, which concluded on Sunday.

"Many developers are keen on building high-end property projects in Hainan that target these well-off outsiders," Dai said.

The price increase resulting from the property boom hurts the local population, Dai said.

"When locals cannot afford them and non-locals can afford them but often do not live there, then a high vacancy rate is inevitable," Dai said.

Liu Shengnan, a property salesperson in Sanya, a popular tourism destination in the province, said on Saturday that nearly all of the buyers for her company's commercial residential buildings near Haitang Bay are not permanent residents.

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Tracker at 2012-02-13122.107.87.*
This is a good idea and should be for the whole of China and not just Hainan. It is so sad to see so may apartments sitting empty on my travels in China when they can be rented out to people in need of a place. I believe Chinese like to keep the investment property they buy empty because it is still "new" and will command a better price. As the article says, this is waste of land resources and public services.
elee at 2012-02-13183.39.57.*
MAINLAND CITIES HAVE LED AND SHOWN THE POOR MANAGEMENT / SUPERVISION EXAMPLES MUCH EARLIER THAN HAINAN ISLAND. WHY DIDN"T THESE OFFICIALS IN HAINAN LEARN. IF THE LOCAL GOVERNMENTS AND MAYOR AREN"T ABLE TO WORK DILIGENTLY NOR TO POSSESS THE ABILITIES TO FORESEE A SITUATION SUCH AS THIS HUGE MESS-UP IN THE LIVES OF ORDINARY CITIZENS, THEN ALL NEED TO BE REPLACED. ISN"T IT TRUE?
  

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