Sanya, in Hainan Province, could be transformed through a new partnership, between Chinese corporate monolith Ping An and the local municipal government, that says it aims to develop a new "Smart City". Photo: iStock

Hainan, which was picked by the central government to set up a free trade zone and port in April of this year, has launched a one-hundred-day investment promotion to attract businesses, The Paper reported.

The southernmost province in China, it aims to focus on attracting industrial projects in key areas such as tourism, tropical high-efficiency agriculture, medical and health, modern finance, high and new technology, convention and exhibition, marine economy, infrastructure, rural revitalization and ecological environmental protection.

Meanwhile, the central government explicitly pointed out it will encourage transnational corporations and large domestic enterprise groups to establish international and regional headquarters in Hainan, so as to develop a so-called “headquarters economy.”

Noticeable in being out of the latter plan are real estate developers, who are not included in the scope of headquarter companies welcomed by the province.

Current real estate regulation and control in Hainan is tightening and the provincial government said it is determined to reduce its dependence on real estate sector.