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Developers remain optimistic of hainan's property market by wwy yrj
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Developers remain optimistic of hainan's property market by WWY YRJ
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| Article Posted: 09/17/2012 |
| Article Views: 38 |
| Articles Written: 1412 - MORE ARTICLES FROM THIS AUTHOR |
| Word Count: 472 |
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Developers remain optimistic of hainan's property market |
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Business,Business News,Business Opportunities
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HAINAN: Since gaining popularity as a tourist destination, China'sHainan island has seen a boom in property development projects. Property projects are sprouting up rapidly in Hainan such thatthere's hardly any space left undeveloped. And developers continue to be optimistic of the property marketdespite falling prices and the high number of vacant units. Currently, about 60 to 80 per cent of these units are vacant. Land with a view is hot property in Hainan, and the scarcity ofseaside land has led developers to use it as a marketing tagline.
A fully-furnished unit located right next to the beach and close toa newly-built mega convention centre goes for US$2,900 per squaremetre. This is about 20 per cent lower than the market rate in2009, when property values were at their peak. In spite of this, developers believe there is still genuine demand. Tiley Real Estate marketing director Ji Cheng, said: "In Hainan,seaside property is increasingly scarce.
The market response hasbeen quite good and part of the reason is that there are propertypurchase restrictions in other places. In Hainan, our customers aregenerally second, third or even fourth time and above buyers. Theyhave higher purchasing power because there are no restrictions onthe purchase of our property. It gives them more choice." Mission Hills Haikou hotel general manager Yum Siew Wah, said: "Themain buyers are from Mainland China and the main factors that areattracting them are the weather in Hainan and also the environmentin Hainan.
It is very soothing, very relaxing and it has a low(population) density. Nowadays, people go for quality life with acontrast to life in the city." Experts agree on the potential of Hainan's long term growth as atourist destination. They don't believe there will be repeat of the 1990s propertybubble, even though up to 80 per cent of units remain vacant. CEIBS Lujiazui International Finance Research Centre deputydirector Gary Liu said: "There is real estate bubble all over Chinaso if you compare Hainan to other parts of China, the bubble wouldnot be so serious.
Another difference is the central government.The banking system now has very strict policy on risk financing.They have very strict requirements for down-payment for people tobuy a house so the financial leverage in buying a house is not sohigh." In Sanya on the southern tip of Hainan island, property taxaccounts for more than half of the local government's revenue. Huge profits continue to motivate authorities to give the go-aheadfor property projects. But there's also concern that over-development will pollute anddamage the very coastal landscape that's made it so attractive,especially when the draw of the island is its nature and scenery,not its buildings. - CNA/fa. I am Plastics & Products writer, reports some information about organic chemistry textbooks , tae bo dvd.
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