New regulation bars companies from buying residences in Haikou as local government clamp down on speculative investment.
The new directives are moves to further control the real estate industry in the city. The new regulation prevents companies from buying residences in Haikou and those who have acquired household registration since 22nd April 2018 are limited to only one home.
In addition, after registration with authorities, the price of commercially developed housing cannot be changed within six months.
Data from Centaline Property shows Haikou’s home sales totaled 812,600 square meters from January to November 2018, a year-on-year decrease of 76.02 percent. After the strict property measures were introduced, Hainan’s real estate market began to slow last April.