Sunac China Holdings Limited
100% (First phase; five phases in total)
Over the past few years, Hainan, which is an large island off the coast of China, has been a popular destination for Chinese (especially senior citizens) to buy apartments at due to its subtropical climate and superb air quality. As a result, major residential development has been happening on the island, producing way more housing than what the local Hainan residents can absorb. These residential units are quickly sold out; however, they remain uninhabited most of the year, and only become fully lived in about 2 months a year during the New Year and Chinese New Year season. Rental prices and prices for necessities of life such as food, water, and other amenities becomes 3 times higher than normal in the month of January and February.
Riyue Bay is marketed as a luxury residential development with hospitality flair. Modeled after the projects such as ‘Worlds’ and ‘Palm Tree’ in Dubai, Riyue Bay is a completely man made structure that extends itself from the shores into the ocean. Riyue Bay keeps to its namesake, which literally means ‘sun and moon’ in Chinese, and constructed two islands: one shaped like the sun, and the other shaped similar to a crescent moon. High-end residential towers of around 20 to 30 stories is planned to be constructed on the island, along with a central hospitality district and low rise single family villas along the waterfront. There seems to be no extra precautions taken against the rising tide, and the villas are reported to be frequently flooded during the wet seasons.
In Dec 2017 and Jan 2018, an inspection unit from the central government was sent to Hainan to inspect the impact these new developments has caused to the beaches, mountain areas and natural forests of Hainan, and as a result has halted much development in the island. Riyue Bay is but one example out of the dozen or so development that was halted. What happens to these developments is still up in the air, however, as the government has not explicitly ordered any type of actions be taken against them.
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