Hainan suspends new property projects

China's southernmost province, Hainan Island, will suspend land leasing and development approval. This weekend's announcement is mainly aimed at curbing property speculation. The central government previously announced a plan to build the island into a top international tourist destination over the next 10 years.

This has caused a huge number of property developers to flock to the region. Their activities were leading to increased housing bubble concerns. Provincial authorities say they will step up efforts to build affordable housing, while intensifying market planning and land supply regulations. These measures are designed to guide the real estate sector's development in a healthy and steady manner.