Hainan, the Chinese tropical island, has witnessed a feverish bout of property speculation since the start of the year, the latest indication that the country's huge monetary stimulus could be creating bubbles in some asset markets.
Prices in some new developments in tourist areas of the island have increased by as much as 50 per cent in just a few weeks, real estate agents and developers report, as Hainan has been inundated with buyers, many paying in cash.
Soufun, the Beijing-based real estate consultancy, estimates that in the 10 days to January 20, the average property price rose 18 per cent. Sanya, the beach resort area on the south of the island, home to a number of five-star hotels, has seen even more rapid price rises.
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