Sanya ranks first among 8 cities most expected to lower property prices
On the southern tropical island of Hainan, prices in the city of Sanya rose 50.4 percent in July from a year earlier, the biggest increase in the country
As China has issued several policies to control the property market this year, the house prices in major Chinese cities have begun to catch more and more attention. Xinhuanet recently released a list of ‘8 major cities most expected to lower property prices in China in 2010’, in which Sanya ranked first.
It is reported that the price of beach houses and villas in Sanya was about 7000 yuan per square metre in the first half of 2008 and about 9000 yuan in the second half of the year. However, the city saw the property price suddenly rises to 19,000 yuan in the first half of 2009 and soar to over 30,000 yuan by the end of 2009.
According to Xinhuanet, as an international tourist center of the ‘Golden Triangle’ in Hainan, the rapid increases in house prices in Sanya had been predicted. However, it is unreasonable that the price quadrupled in just two years.
Xinhuanet blamed "hot money" speculation in the property market for the rapid increases and said Sanya was most expected to lower property prices in 2010 as new rules had been issued to curb speculation and the property market was cooler.
Seven other cities following Sanya are Jinan, Hangzhou, Dongguan, Wuhan, Changsha, Qingdao and Chongqing.
Translated by WOXnews.com
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