{"id":1381,"date":"2019-01-29T10:46:37","date_gmt":"2019-01-29T10:46:37","guid":{"rendered":"http:\/\/pgawards.wpengine.com\/?p=1381"},"modified":"2021-06-04T14:06:57","modified_gmt":"2021-06-04T07:06:57","slug":"hainan-reassigns-land-for-620000-homes-for-industrial-use","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/hainan-reassigns-land-for-620000-homes-for-industrial-use\/","title":{"rendered":"Hainan reassigns land for 620,000 homes for industrial use"},"content":{"rendered":"<p><strong>Loss of revenue for Chinese province, gain of support from President Xi Jinping<\/strong><\/p>\n<figure id=\"attachment_1382\" aria-describedby=\"caption-attachment-1382\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-1382\" src=\"http:\/\/pgawards.wpengine.com\/wp-content\/uploads\/2019\/02\/Hainan-reassigns-land-for-620000-homes-for-industrial-use.jpg\" alt=\"\" width=\"1000\" height=\"667\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/Hainan-reassigns-land-for-620000-homes-for-industrial-use.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/Hainan-reassigns-land-for-620000-homes-for-industrial-use-300x200.jpg 300w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/Hainan-reassigns-land-for-620000-homes-for-industrial-use-768x512.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-1382\" class=\"wp-caption-text\">Haitang Bay, Sanya, Hainan. DreamArchitect\/Shutterstock<\/figcaption><\/figure>\n<p>Enormous parcels of\u00a0land in Hainan Island, previously\u00a0designated for residential development, will be reassigned for industrial use,\u00a0government officials announced Monday.<\/p>\n<p>The move is in keeping with Beijing\u2019s vision of transforming\u00a0the island, part of China\u2019s southernmost province, into the country\u2019s largest free-trade zone (FTZ).<\/p>\n<p>Covering 20.7 million square metres, the land would have yielded about 620,000 homes, representing a gross floor area of 62 million square metrEs.<\/p>\n<p>The Hainan government is expected to collect far less revenues with the reassignment as industrial land prices in the island are merely\u00a012 percent of those for commercial and residential land.<\/p>\n<p>At an average price of CNY1,000 (USD148) per square metre, the sale of\u00a0land for residential use\u00a0would have earned\u00a0the Hainan government CNY62 billion or 92 percent of its 2017 fiscal revenue.<\/p>\n<p>\u201cHainan is exploring a path that will help shake off an addiction to land sales. It wants to foster industries that steadily contribute towards taxes, which is a more sustainable path,\u201d Zhao Xiuchi, a professor at Capital University of Economics and Business in Beijing, told the\u00a0<a href=\"https:\/\/www.scmp.com\/property\/hong-kong-china\/article\/2184079\/hainan-reassigns-207-million-square-metres-residential-land\" target=\"_blank\" rel=\"noopener noreferrer\">South China Morning Post<\/a>.<\/p>\n<p>The loss of revenue is a tradeoff for support from President Xi Jinping, who announced in April that Hainan would be declared a free-trade zone. Priority will be given to tourism and technology, among other sectors, in the island widely known as the \u201cHawaii of China\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Loss of revenue for Chinese province, gain of support from President Xi Jinping<\/p>\n","protected":false},"author":2,"featured_media":19808,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1381","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-report","news_country-china","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Hainan reassigns land for 620,000 homes for industrial use | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, 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