Economics
One of China's Wildest Housing Markets Is Broken
- Hainan has ‘no real market price,’ CLSA analyst Wong says
- Island is ring-fenced against inflows of speculative money
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In the tropical Chinese island of Hainan, property prices appear to have been running wild.
The cost of new homes in the two biggest cities, Sanya and Haikou, rose 21 percent in August from the same period a year ago, statistics bureau data released Saturday showed. Those were the biggest annual gains of 70 cities monitored by the government.