How you can rent a private island in China for just $700 a year

What better way to escape the world’s woes than on an island paradise of your own – for a very cheap rental rate?

A series of uninhabited islands off the coast of China are being rented out by the Chinese government for as little as $735 a hectare, a year.

There are close to 500 uninhabited islands in China’s northeastern Liaoning province, which borders North Korea, and a further 44 that are empty, CNN reported.

To rectify this, the Chinese government is looking to rent out the islands based on a complex pricing system that takes in several factors, including whether the island has beaches, wildlife, or development potential.

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The Chinese government is leasing islands to individuals for as little as $700 per hectare, per year. Picture: TripAdvisor travellerSource:Supplied

Some islands being listed for up to 25 million yuan (about $5 million) but the cheapest are going for 3700 yuan ($735) per hectare per year.

There are additional costs associated, such as for building expenses, water and electricity, and any development plans will need to be submitted to the Chinese government for consideration.

And you’ll need to have a purpose in mind, such as whether the island will be used for tourism, fishing, agriculture, urban development or another approved category, CNN reported.

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Zhangdao Island in Liaoning province. Picture: TripAdvisor travellerSource:Supplied

State-run outlet Global Times reported tourism and entertainment were the most common reasons for the islands leased out so far.

You’ll have some interesting neighbours, too. While many of the islands are in the Yellow Sea, some are along the Yalu River near the border with North Korea.

But they’ve been touted as some pretty incredible islands. One of the most popular among them, Bangchuidao Island, is known for manicured gardens and stunning beaches, according to Insider, while Dalu Island, is famous for its sandy beaches and delicious seafood.

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Dalu Island. Picture: TripAdvisor travellerSource:Supplied

The initiative follows a trend in Italy in recent years that has seen houses being sold for under $2 as small villages try to attract new residents.

In June, the Italian town of Cinquefrondi, in the southern region of Calabria, was charging €1 ($A1.80) for properties in need of renovations, and a further €250 ($A415) insurance policy annually until the property has been renovated.

Bisaccia, in the south of the Campania region, two hours from Naples, put 90 buildings on the market for $1.40.

Mussomeli in southern Sicily was offering homes for $1.40 as well – as long as the buyer renovated the house within a year. And the town of Sambuca was offering them for the same price as long as buyers spent $24,000 doing up the house.

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