--FILE--Personnes nager dans la mer près de Phoenix Island dans la ville de Sanya, province de Hainan, Chine du sud 19 juillet 2012. Les prix sur l'île de Phoenix, une i
--FILE--People swim in the sea near Phoenix Island in Sanya city, south Chinas Hainan province, 19 July 2012. Prices on Phoenix Island, a man-made island surrounded by tropical sea, off the palm-tree lined streets of the resort city of Sanya, have plummeted in recent months, exposing the hidden fragilities of Chinas growing but sometimes unbalanced economy. A seven star hotel is under construction on the wave-lapped oval, which the provincial tourism authority proclaims as a fierce competitor for the title of eighth wonder of the modern world. Chinese manufacturers once snapped up its luxury apartments, but with profits falling as a result of the global downturn many owners need to offload properties urgently and raise cash to repay business loans, estate agents said. Now apartments on Phoenix Island which reached the dizzying heights of 150, 000 Yuan per square meter (US$2, 200 per square foot) in 2010 are on offer for just 70, 000 Yuan, said Sun Zhe, a local estate agent.
