Tough rules curb real estate speculation in Hainan

Tough regulatory measures have led to a sharp property development decline in Hainan province, as total investment in the first three quarters of the year dropped by 10 percent year-on-year, according to figures from the Hainan Provincial Bureau of Statistics.

The island province will continue to strictly control the real estate sector and establish a long-term mechanism using economic, legal and administrative means to ensure construction of public housing, and to meet global professionals' accommodation demand, senior officials said at the provincial economic conference held in Haikou, the provincial capital, on Thursday.

Land supply will be prioritized for infrastructure projects required to aid the island's transformation into an international free-trade pilot zone, as well as the development of new high-tech industrial and social projects, the government officials said.