Sanya, Hainan Province, topped Xinhua’s list of the cities with unreasonable property prices, Xinhua reports.
Sanya has seen a rapid rise in its property prices as it has developed into a popular tourist destination for both domestic and international travelers. But the housing boom has gone “abnormal” recently following an increase in investment.
The price for a beachside home was about 7,000 yuan per square meter in the first half of 2008. By the end of 2009, it had reached 30,000 yuan. The other cities on the list are Jinan, Hangzhou, Dongguan, Wuhan, Changsha, Qingdao and Chongqing.