Hainan has gone totally mad. As far as hotel prices are concerned.
At the Hilton Sanya, rooms for the February 11-14 period cost between $1,724 and $2,350 while at the Ritz-Carlton Sanya the cheapest deluxe is almost $2,500 with small villas available for $6,200.
Industry insiders said the exorbitant prices were being partly driven by real-estate speculators buying up hotel rooms for the peak “Golden Week” holiday period in the hope of off-loading them for a profit through travel agents and online auction sites.
Telegraph.co.uk reports property speculation on Hainan has been particularly rampant since the local government announced plans on December 31 to turn the island into an “international tourist destination” by 2020.