On China’s Hainan Island, the Boom Is Deafening

Imagine a beach resort town where five star hotels charge $1500 per night for their hotel rooms, golf courses charge $180 per round, and where apartments with sweeping sea views and bathtubs on balconies are being sold at $885 per square foot. It's not the French Riviera or Miami beach -- it's all happening on Hainan Island, China's newest playground for the thousands of newly rich Chinese who have, literally, bags full of money to spend. As this slide show demonstrates, the resulting property boom on Hainan is being watched with a mixture of awe, envy, and horror.
On China’s Hainan Island, the Boom Is Deafening - NYTimes.com