Hainan acts to clamp down on property speculation

Shanghai

CHINA'S southern island province of Hainan has drawn up measures to clamp down on real estate speculation, the official Hainan Daily newspaper reported, the latest in a flurry of steps to tame hot property prices.

Cities across China have been rolling out much tougher real estate restrictions this year in an effort to contain resurgent demand from homebuyers and property speculators, as earlier cooling measures appeared to be having limited effect.