Posted on 02/15/2010 3:43:13 AM PST by TigerLikesRooster
China's tropical getaway becomes latest property boom
Hainan province offers case study in nation's real-estate explosion
By Chris Oliver, MarketWatch
HONG KONG (MarketWatch) -- It's home to a submarine base, a recent host for the Miss World beauty pageant, and it draws the likes of action hero Jackie Chan and legendary financier George Soros. And now China's southern island of Hainan can add another distinction -- the nation's newest hot property market.
Real-estate prices on the island, where white-sand beaches and jungle-covered mountains have earned it associations with Hawaii, have jumped by more than one-third in the last five weeks.
And in Sanya, one of the island's main resort cities, luxury condos have risen as much as 40% since the start of the year, bringing prices close to similar properties in Beijing and Shanghai.
A good part of the real-estate spike comes from Beijing's announcement in early January that the island would be developed into a major international tourism destination by 2020.
In addition to a slew of new golf courses and five-star hotels, the government may also loosen visa rules and could allow Hainan to become the first Chinese territory outside Macau to license casinos.
(Excerpt) Read more at marketwatch.com ...
P!
China is booming...Russia is promoting privatization of industries..............
Stop the World before it starts spinning backwards!
“...where white-sand beaches and jungle-covered mountains have earned it associations with Hawaii...”
“In addition to a slew of new golf courses and five-star hotels...”
Sounds right up the Doofus and Wookie’s alley. Maybe they’ll go to Hainan - and stay there.
Weren’t the famous beaches in Hawaii a different color?
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