Hainan real estate slowdown contributes to slower economic growth
According to the Hainan Statistic Bureau, real estate sales in the first three quarters reached 18.076 billion yuan, an increase of 2.0% over the same period of last year, reports xinhuanet.com.
The figures on the previous nine months showed a clear downward trend in its contribution to the provincial economic growth as a whole.
In the first three quarters, the total housing transaction turnover was 6,194,900 sqm, a 0.3% year on year increase, and the home sales declined by 0.4% to 55.78 billion yuan.
The growth rate of total sales of real estate in the first quarters stood by 2.0%, much lower than 32.3% of same period over last year.
This year, the province has issued a series of measures to curb the property market. With the strong performance of affordable housing projects and commercial property promotion, Hainan real estate industry has been going through a positively constructive change.