Plans to transform Hainan into China’s largest free-trade zone put it back on developers’ investment radar
China’s ‘Hawaii’ expected to register more rapid growth than country overall in five to 10 years
The tropical island of Hainan is back in favour among mainland developers, after China rolled out a slew of reforms to transform it into the country’s largest free-trade zone, according to market watchers.
President Xi Jinping also unveiled measures to support the development of horse racing and sports lotteries as part of the plan to boost the island’s economy, which has been dubbed as China’s Hawaii, in an announcement over the weekend.
“The policies are good. Our team has been looking at potential projects in Hainan since last year,” said
Xu Tonghui, the deputy general manager for corporate branding and marketing at Longfor’s.
Raymond Cheng, a director at the Hong Kong and China property equity division of CIMB Securities, said mainland developers would extend their reach to the island as the policies unveiled will boost its economic development.
“On the back of the central government’s favourable policies, we believe Hainan’s economy will register more rapid growth than China overall, in the next five to 10 years,” he said.
