According to figures from the Hainan Provincial Bureau of Statistics sharp property development decline in Hainan province.
The real estate sector declined due to the harsh economic measures taken in Hainan, one of the most important provinces of China. According to experts, the real estate sector fell by 10 percent compared to last year.
In the first 11 months of the year, commercial housing sales by area dropped by 36.5 percent to 13.77 million square meters, while sales by volume decreased by 21.2 percent to 190.47 billion yuan ($27.7 billion).
According to information received, some measures will be taken by the government to prevent the fall.
“Such regulations in Hainan are extremely necessary. The province used to rely too much on the real estate sector. In the long run, it is not a sustainable approach. The current pain following the regulation is the only way to make the transition,” said Zhang Dawei, chief real estate analyst with Centaline Property.
Sevdenur Demir / realestatecoulisse.com