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Feature Story: Hainan Property Prices Skyrocketing as Mainland Speculators Descend Upon the Island In An Orgy of Lustful Insanity
The January 29th edition of China Daily features a front page story on skyrocketing real estate prices here on Hainan Island. In the past month, prices here have been driven up from already too high prices an additional 30% in a orgiastic buying frenzy.
This recent development coincidentally occurs in an orchestrated asset dance as during the past month, the Chinese stock indexes began to decline while the Chinese government makes a special proclamation that Hainan will receive special attention and incentives to be developed into an international luxury level destination.
Furthermore, it needs to be understood that during the past year strategic decisions were made to take Hainan Island upmarket as a more exclusive, luxury level tropical island playground for the wealthy and privileged. St. Regis and MGM Grande will join the resort lineup at Yalong Bay. Shangri La, Fairmont and Starwood's Luxury Collection Malus will flagship the Haitang Bay development. Lu Hui Tou's Banyan Tree Villas and Intercontinental will be joined by Four Seasons alongside the peninsula's exclusive golf course and Ban Shan Ban Dao luxury apartment & villa development.
Next page: Where to put your money next?
1 comment
Perhaps I'm cynical, but this seems to be a great way to stimulate the sale of unsold properties, threaten a shortage and drive up prices. Direct observation indicates 20-30% rises in asking prices in the last couple of weeks. To be fair, the ban will also rein in the rampant practice of unauthorized building on every available piece of land and the adjoining green belt too.
The main topic of conversation among locals is the rise in apartment prices and how to jump onto the elevator, not necessarily in Sanya. Just yesterday, fueling this, I noticed a sort of "town hall" meeting with the "Top Leader" of Hainan on CCTV 2, again extolling the present and future virtues of the island.
Loads of hype, but I have a feeling that it's all true... these guys have a plan and they know how to execute!
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