Latest updates on restrictions to buying residential property in Hainan

Latest updates on restrictions to buying residential property in Hainan

Hainan announced additional new measures to avoid speculation in the residential property market this week, following a new policy which sees full support to build up both the Hainan trade pilot zone and free trade port by the central government, to help open up and improve the business environment.

The Hainan provincial housing and urban-rural development bureau issued a notice requiring all cities and counties in the province to strictly carry out the policies to limit housing speculation. Government officials in cities which fail to rein in the soaring housing prices will be censured, Xinhua reports.

The new rule states that residential properties bought after March 30 2018 are not eligible for resale for five years.

The new restrictions also state that non-locals cannot buy homes in Hainan unless they can show records of over 24 months of individual income tax and social insurance payments in the province. In the major cities of Haikou, Sanya and Qionghai, buyers must show records of over 60 months of individual income tax and social insurance payments. In Wuzhishan and central mountainous regions, non-locals are prohibited from buying altogether.

Source: Xinhua.com