Hainan may resume examination and approval of land grant and new property projects in March, Luo Baoming, provincial governor of Hainan, said on February 8.
The Hainan provincial government has been working on the plan for developing Hainan into an international tourism destination. The plan is expected to be submitted to the National Development and Reform Commission (NDRC) before the end of March. After the blueprint is approved, the government will resume examination and approval to land grant for commercial use and new real estate projects.
The State Council decided to launch a tourism promotion program in Hainan, officially announced on January 4. This has drawn real estate developers and investors and led to a sharp increase of property prices in the province. In order to avoid overheating of property investment and oversupply of land, the provincial government stopped examining and approving commercial land use and new real estate projects. It will not restart examination and approval until the National Development and Reform Commission ratifies the promotion plan.