Market Collapses

The Hainan commercial residential property market experienced a significant decline in both transaction area and transaction prices since March this year, reports Xinhua, citing the provincial Department of Housing and Urban-Rural Development. The province recorded a 19.05 percent month-on-month decline in the transaction area of commercial residential properties to 627,700 square meters in March. Average transaction prices were down 12.82 percent month-on-month to 12,280 yuan per square meter. There was a 9.64 percent month-on-month decline in the transaction area of commercial residential properties in April to 567,200 square meters. Average transaction prices declined 2.84 percent month-on-month to 11,932 yuan per…