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Boao: Growing pains and benefits
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"The Boao Forum for Asia provides many opportunities for local businesses. And investors from across China have also been attracted to this town. Their favorite investment is this, property. And as a result, homes are becoming more and more expensive." CCTV Reporter Shen Le said.
At a local real-estate agency, average house prices for Boao are up to 13 thousand yuan per square meter. In a town where the average salary is 2 thousand yuan a month, even 3 decades of hard work is far from enough to buy a flat.
Mr. Peng, Real-Estate Agent, said, "Most of the buyers are not locals. They come here for a holiday once a year and stay 2 to 3 months. We rent houses to tourists when they are not here. Locals look for homes in Qionghai, the nearest city, where houses are 5 to 6 thousand yuan per square meter."
But even that price is too high for the locals here. Before Boao became the venue for the Forum, most were on very low wages. Meet Mr. Zhou. He lives here and is father to a three-year-old girl.
Mr. Zhou, Boao Resident, said, "I can't afford even the smallest of homes. That's a sheer fantasy for people like me who make 1500 yuan a month."
"It's been a decade since Boao Forum for Asia was founded. It grew from a small fishing village to today's booming tourist destination. However, this development comes with some growing pains and that, is what the locals are struggling to adapt to. Shen Le, CCTV, Boao, Hainan province."
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