Over the past 30 years, the development of Hainan province's real estate industry has witnessed some ups and downs. Its real estate bubble broke back in the 1990s. Fast forward to now, to prevent this from occurring again, the local government has moved to introduce a cap on real estate development. This was announced during China's Two Sessions political season last month. With the change, companies are now eying the potential in real estate for pensioners. Li Jianhua reports.

Exercising, taking photos, or simply enjoying the sunshine on the beach. Back in the 1950s and 60s, Americans flocked from the cold industrial cities to the subtropical Florida. This is happening in China.

These pensioners, who are also known as "snowbirds", have been slowly flocking to Hainan.

"The scenery is good here, and it's good for my health. The price of housing is acceptable for me."

"It's cold in northeast China. It's warm here, so I usually come here around the end of October and leave in May. But the real estate prices are growing too fast."

"The air quality is good. Given the chance, I would stay here in the future."

Property developers cashed in on the opportunity, line after line of houses were built to accommodate the burgeoning elderly population, which led to an increase of inventory.

Now communities boasting all-round medical services and communal activities are becoming the new model to attract the pensioners.

ZHUANG DONGHUI GENERAL MANAGER, GUOSHOU HEALTH INVESTMENT CORPORATION "We should let a group of people realize the importance of keeping healthy. Once they come to know the good of it, they would encourage more people to embrace this kind of lifestyle."

The lifestyle means money. Some point out that real estate companies are taking advantage of this communal concept to sell more property, since the local government has placed curbs on the market. Experts say the government should better regulate the market as the aging population grows.

XU HONGCAI DEPUTY CHIEF ECONOMIST, CHINA CENTER FOR INT'L ECONOMIC EXCHANGES "Real estate for pensioners are in demand. But I think the government should acquire more experience in regulating the housing market, in particular when it comes to how much could be sold and how much could be managed."

Local officials had said they would reduce its reliance on property development, as the total revenue generated in real estate made up more than half of Hainan,s GDP.

LI JIANHUA SANYA, HAINAN PROVINCE "An increasing number of Chinese retirees are choosing to spend the rest of their lives on the tropical island of Hainan, with the reason being its good air quality and warmer temperatures. By the end of 2017, those above the age of 60 accounted for nearly 17 percent of China's population, which is a huge business for the real estate developers. But as the local government tries to reduce the reliance on property development, whether this business will be affected remains to be seen. LJH, CGTN, SY, HN PROVINCE."