Less speculation on Hainan market
The real estate sector in Hainan got a huge boost when the State Council confirmed plans to transform the island into a top travel spot over the next decade. A booming market has attracted many investors, especially professional speculators. But with governments both central and local taking measures to crack down specifically on speculative activity in the sector, those buying houses for investment are being forced to think again.
Mr. Chen, Investor, said, "It's not the right time to buy. The market will cool down soon."
Yan Zhiyao, Director of Hainan Land & Resources Office, said, "The price surge in such a short period was mainly caused by speculation. The government will firmly crack down such behavior."
Zhang Yiwen, Chairman of Haikou-Wenzhou Chamber of Commerce, said, "There are fewer investors. We no longer see, as we used to, a single person buying several properties at a single time."
Zhang Zanfeng, Property Broker, said, "Investment oriented purchases are on decline. Generally, the market has reached its capacity."