On March 4, Hainan provincial government promulgated a regulation to respond to the central government's policy to control the land price, and also to suppress the skyrocketing real estate prices in the province.
Under the regulation, real estate purchase contracts must be put on record and advance notice registration within 10 days after the contract is concluded. No one can transfer title of the property before getting a certificate of the right of property ownership. In addition, the regulation requires that the price of land usage right must be paid within 60 days after the land contract becomes legally effective. If such price is not paid off within 90 days after the deadline, the government will have the right to terminate the land usage right contract and to keep the deposit.