Gucci, Givenchy, D&G, Prada and Dior Perhaps they are the most expensive brands of sunglasses in the world, but staff at the duty-free shop in downtown Sanya say they will offer mainland visitors a good bargain next year, when the central government is expected to allow mainlanders to enjoy tax-free shopping on the island under the guidance of a new policy coming into effect in 2011. [China Daily]
While some wait for Hainan to become a totally duty-free shopping island, property developers are busily purchasing local farmland at a price for which they believe they can make a big profit in the near future.
The farmers are not unhappy because they have never seen so much money before in their lives.
It is probably the last time that Wang Suiqiong will graze his 30 black sheep on the land he has sold in tropical Sanya's Haitang Bay, 30 kilometers to the east of the postcard city. The 60-year-old farmer sold his 667 square meters (sq m) of pasture to the local government at a price of 70,000 yuan ($10,495).
For Wang, the sum is what he would earn if he planted rice where sheep have been eating grass for 140 years. Wang and his neighbors are "very happy with the price and can't wait to sell their land", even if they have no idea what they would do for a living in the future.
"The highest price that the local government offers is about 90,000 yuan per mu (667 sq m) and the average (price) is from 70,000 to 80,000 yuan," he said. "I was told a five-star hotel will be built there in three years. Now they're asking whether I would consider selling the land where my family and I stay," Wang said, pointing to the opposite side. "I'm thinking about it."
"Of course they're thrilled to sell. These local farmers and fishermen have never seen so much money in their lives before. It's safe to say that Haitang Bay's house prices will easily reach 150,000 yuan a square meter in three to five years when the farmland is turned into private villas and luxury hotels," said veteran property agent Chen Tianshan.
Chen's real estate company, Sanya Zhongtiwantong Olympic Land Development Co Ltd, is about to spend more than 5 billion yuan on Haitang Bay's Olympic Bay project. He said the project would include an Olympic park, an Olympic museum, two resorts as well as professional training centers for future Olympians.
While Sanya's Yalong Bay and Sanya Bay appear to be the hottest spots for both international and domestic tourists, another emerging star - Haitang Bay - is under construction. With more than 21 kilometers (km) of beautiful sandy beach, every inch of land is being developed to help make a first-class resort.
"It's Sanya's last virgin land and it is a future ace resort," said Li Boqing, vice-mayor of Sanya. "So far, Haitang Bay has attracted more than 24 billion yuan in real estate investment."
The expected big increase in visitors to Haitang Bay has not gone unnoticed by hoteliers across the world. On the other end of the bay, the American hospitality company Hilton Worldwide is preparing for the opening ceremony of its two properties under different brand names - Conrad and Doubletree - on Dec 28.
1 2 Next