Property market fever cools in China's Hainan

[BEIJING] Investment, sales area growth and other housing market data in China's southern island Hainan province showed a slowdown in the in the first nine months, after growth in earlier periods in the year, the official Xinhua news agency said on Wednesday.

Property investment growth fell to 2.5 per cent in the first nine months from 12.2 per cent in the first five months, Xinhua said, citing data presented during a provincial government briefing.

Sales area growth rate dropped to 46.4 per cent in the first three quarters, almost half of the rate of the first four months, it said.

But property sales in Hainan are expected to rebound as the traditional peak sales season is approaching, it said.

REUTERS