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 square meter.
Transactions of commercial residential properties in May plummeted 57.95 percent from April to 229,000 square meters. Average transaction prices plunged 29.74 percent month-on-month to 8,483 yuan per square meter.
The share price of Lvjing Realestate (000502) was up 2.28 percent to close the morning session at 8.53 yuan.