China To Launch Yuan Settlement Trial, Boost Tourism In Hainan

China will expand a trial program allowing the settlement of cross-border trade using the yuan to the southern island province of Hainan and also experiment with the provision of offshore financial services there as part of a broader effort to develop the island into an international tourism destination.

The State Council, or cabinet, said in a statement Monday it also aims to develop the island's property sector, such as by experimenting with real estate investment trusts, or REITs, "when conditions are ripe."

The State Council said it wants to encourage developers to build premium hotels and resorts in Hainan. It also supports the opening of family-operated hotels and efforts to provide property-rental services.

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