Hainan vows it will not allow free rein to real estate sector

Hainan will strictly control real estate industry development and will not be "a processing plant for property projects", Liu Cigui, Party chief of the island province, said on Monday.

Liu told a news conference in Beijing that Hainan will develop the estate industry within its resources and environmental capability.

"Hainan rejects being a processing plant for real estate projects," Liu said. "The amount of our land is limited, and we've already learned a lesson."

"We should not build a modern industrial development mode that relies on a single industry. While pursuing economic growth, we should also pay attention to environmental protection," Liu added.

During the past few years, Hainan has put the brakes on the real estate boom, taking effective measures to cool the property market in the province. Since 2015, the province has suspended land approvals for housing. And it also took measures in 2018 to restrict non-native residents from buying homes on the island.