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January 18, 2010

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Hainan to keep lid on real estate

HAINAN Province 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 to the island, causing new property bubble concerns, Wei Liucheng, secretary of the Communist Party of China's Hainan provincial committee, said in Haikou on Friday.

The island's government will not approve any land leasing and development programs unless a specific plan is approved by the National Development and Reform Commission in an effort to cool speculation in the housing market, Wei said.

The central government announced on January 4 a plan to build the island into a top international tourist destination by 2020.

Housing prices in Hainan surged after the plan was released.


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