Hainan's property prices soar

Back in January, the most crazy picture in the Hainan Property market once see 1000 yuan hike per day and 10 thousand yuan increase per month. However, since peaking before the Chinese new year, the local market is now cooling down.

Long, sandy beaches, crystal clear sea and year-round sunshine provide all the magic needed for a tourist boom in the tropical paradise of Hainan.

But this year Hainan is not only attracting growing numbers of holidaymakers but also more property buyers than ever.

Several hundred people have been waiting all night to buy into a new project.

Several hundred people have been waiting all night to buy into a new project.

Property buyer said, "We came here to queue up at 2 o'clock in the morning, just after we got off the plane. Of course I will buy. That's my only reason for coming."

Money has flooded into the tropical island for property speculation in the few weeks since the government unveiled its plans to turn it into a top international destination.

Most buyers believe they're making a good investment.

"I think the price of ten thousand yuan a square meter here has investment value. I expect it to rise to 15 thousand at least."

What used to go for 3 thousand yuan a square meter now commands 10 to 20 thousand yuan. The number of sales made in just a few days exceeds the total for 2008.