Home sales in Hainan decline in October
The volume of home sales in Hainan during the traditional peak season of September and October was generally disappointing, according to the data released by the Government Real Estate.
In October, a total of 2,755 units were traded, with transaction areas reaching 242,365 sqm.
Home sales in other cities like Sanya, Haikou and Qionghai were all sluggish during the period. In Sanya, only 325 units were sold in October, a sharp plunge from 1,146 units of the previous month.
Meanwhile, some developers have reduced prices to speed up home sales. In Haikou, more than 40% house projects started to lower prices and the current average house price there was 7,636 yuan per sqm.
According to insiders, the government house purchasing limits policy and slack sales will force developers to cut prices further in order to relieve financial pressure.