Tax revenue in Hainan’s housing market plunges 16.7% in Jan-Nov, 2011
The province reported 10.9 billion yuan in property tax revenue between January and November, which accounts for 39.6 percent of its total tax revenue – 27.36 billion yuan, according to statistics from the Financial and Economic Committee under Hainan’s provincial People’s Congress.
The government’s plan to transform Hainan, in the South China Sea, into an international tourism destination has helped fuel a surge in the island’s home prices and sales last year.
However, the housing market slumped after China switched gears earlier this year with policies such as increased deposit requirements to curb speculation.
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