62 two-star and higher grade hotels in Hainan's Haikou have signed a four-party agreement on hotel room rates with the Haikou Hotel Association, Haikou Tourism Bureau and Haikou Pricing Bureau.

The agreement requires all signatories to price hotel rooms no less than the cost price.

Hotels that violate the agreement shall be exposed to the media and receive punishment from the pricing and tourism department.

Under Hainan Province's Star-grade Hotel Room Rate Standard policy, the cost price for two-star hotels per room per night is RMB60, three-star hotels RMB80, four-star hotel RMB150 and five-star RMB260.

The convention will go into effect on March 1.