Wei Liucheng, secretary of the Communist Party of China Hainan provincial committee, said at a meeting in Haikou that China’s southern island province of Hainan will suspend land leasing and development approval in a move to curb property speculation.
Following a tourism promotion policy document issued by the central government earlier this month, real estate developers have flocked into the island, causing new property bubble concerns.
China View reports that Wei Liucheng said the provincial government would not approve any program for land leasing and development before a specific plan gets nod from the the National Development and Reform Commission (NDRC).
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