Hainan property cools after new year

Prices after finally stabilizing for homes in the southern province of Hainan, and, in some cases, are even showing signs of decline.

Prices after finally stabilizing for homes in the southern province of Hainan,  and, in some cases, are even showing signs of decline.

Buyers who rushed to Hainan to snap up property over the Spring Festival had a pleasant surprise. Some developers have started to offer discounts for units in the tourist city of Sanya, after finding that few buyers are willing to pay for homes that in just two months have doubled their asking prices. Of course, a two-percent- discount amounting to 100,000 yuan doesn't sound like much. However, it does suggest a least a temporary hiatus in Hainan's property craze.

Interest in real estate on the island has been driven to feverish levels since a recent government announcement for plans to turn it into center for trade and tourism over the next decade.