Sanya announces measures to restrict non-locals from buying new homes

Sanya announced measures Wednesday to restrict non-locals from buying new homes to cool the property market.

Buyers who do not have permanent residence permits in Hainan will be prohibited from buying new apartments in Sanya, if they already own at least one home in the province.

If they want to buy a house in the city proper and parts of its coastal areas, they must provide personal income tax or social security records for at least a year in Hainan.

In addition, buyers of unfinished apartments in the city will be prohibited from reselling them. New finished homes purchased by non-locals are allowed to be resold only two years after they obtain the ownership certificate, and the restriction is also subject to second or more apartments owned by locals.

In March, house prices in Sanya grew 2.3 percent month-on-month.