Phoenix Island is part of Hainan, a Belgium-sized province in the South China Sea that saw the biggest property price increases in China after a 2008 government stimulus flooded the economy with credit.
It was billed as China's Dubai: a cluster of sail-shaped skyscrapers on a man made island surrounded by tropical sea, the epitome of an unprecedented property boom that transformed skylines across the country.
Real estate is a pillar of the Chinese economy, accounting for almost 14 per cent of GDP last year and supporting the massive construction sector, making policy makers anxious to avoid a major collapse of the property bubble.
Now apartments on Phoenix Island which reached the dizzying heights of 150,000 yuan per square metre in 2010 are on offer for just 70,000 yuan, said Sun Zhe, a local estate agent.
"I just got a call from a businessman desperate to sell," Sun told AFP, brandishing his mobile phone as he whizzed over a bridge to the futuristic development on a electric golf cart.