Elite Estate: Hainan Island Real Estate Boom Turns Heads

China is the kind of country that we imagine to be living in a state of Communist sorrow. However, the government has encouraged capitalist investment while still having an iron hand control over its citizens. This has resulted in some really rich people across China. The wealth is seen more in places like Hainan Island, where millionaires are almost every other person. In fact, people are claiming that Hainan is the Chinese equivalent of Monaco, Las Vegas and Hawaii.

There are some 220 luxury villas being built by Sun Valley Golf Resort, and five star hotels charge to the tune of $1,500 per night. Moreover, the real estate boom that the city is witnessing is so strangely capitalist that even Manhattan seems like a cheap place to live when it comes to rental prices.

An apartment would sell for a higher price in the Island of Hainan than in London or in New York. This has resulted luxury developers to invest more in Hainan, considering the amount of wealth that is concentrated in this Island city. Swimming pools, spas, luxury health clubs are a regular features of even the most modest houses.

Via: NY Times

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