Sanya Phoenix Island, which has been regarded as the benchmark for Hainan real estate, is experiencing a downturn as many of it home buyers are scrambling to sell their properties at lower prices.

In January 2010, the price of an apartment on the Phoenix Island in Sanya jumped from 30,000 yuan per sqm to 160,000 yuan per sqm. But it is now less than 48,000 yuan per sqm.

"Most of these buyers made their purchases not for their own use but as an investment," an estate agent said. "They are businessmen from Zhejiang, Jiangsu and sometimes overseas."

Insiders are predicting the problems that Phoenix Island is suffering are more than that if second-hand property prices continue to decline sharply.

According to the estate agent, developers who plan to complete the construction of other supporting facilities on the Phoenix Island, are considering putting off their plans due to poor sales.

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