Hainan province wants to cut the proportion of commodity flats to 70 percent of all housing units by the end of 2017, down from 84 percent at present, Economic Information Daily reported Friday, citing governor Jiang Dingzhi. The policy change could speed up construction of holiday resorts and hotels in the next few years, industry sources were quoted as saying. Hainan invested 272.96 billion yuan (US$43.833 billion) in real estate development from 2005 to 2012, an average annual increase of 43.47 percent. The amount is equivalent to 33.92 percent of all fixed asset investments in the province during the period. In 2013, Hainan poured 119.68 billion yuan into the real estate sector, up 35 percent year on year, topping the average national increase of 15.2 percent, the report said.
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