China’s Hainan province will not relax its strict restriction on the local housing market despite the slump in investment, home sales and tax revenue caused by property curbs aimed at reining in house prices, the province’s governor said.
“Economic development that depends on real estate is not sustainable,” Shen Xiaoming, governor of Hainan province, said at a press conference held by the State Council Information Office on Monday.
He said the province had to reduce its dependence on . . .
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