Twenty-one years ago, the chairman of a real estate company in Zhejiang province obtained the land-use rights to the then-uninhabited Yanwa Island off China’s east coast. The chairman, Zheng Jiafeng, invested approximately 270 million yuan ($36.8 million) into developing the island as a tourist destination. Photo: Zhang Ruixue/Caixin

A visitor from Shanghai takes aim at a lamb raised on the island on June 12. To attract tourists, Zheng built hotels and restaurants on the island. He also introduced hunting as a draw for tourists. Photo: Zhang Ruixue/Caixin

The island’s hotel has 44 rooms that cost roughly 800 yuan to 900 yuan a night. Due to environmental factors, the hotel only operates from May to October each year. Photo: Zhang Ruixue/Caixin

A staff member picks fruit from a tree on the island on June 11. Recently, Zheng invested around 10 million yuan in renovating the hotel, aiming to attract more summer guests. Photo: Zhang Ruixue/Caixin

Ma Jiarong manages operations on Da-yangyu Island, also in Zhejiang. Ma once tried to market the island as a private, upscale getaway where stays cost more than 1,000 yuan a night. However, the island’s facilities have fallen into disrepair over time. Photo: Zhang Ruixue/Caixin

Da-yangyu Island became the first island in China whose land-use rights were auctioned off. They were sold for 20 million yuan in 2011 to Ningbo Gaobao Investment. Construction of a hotel on the island began in 2014 but remains unfinished due to a lack of funds. Photo: Zhang Ruixue/Caixin

An unfinished building stands on Da-yangyu Island. Photo: Zhang Ruixue/Caixin

In 2011, Huang Yimin, chairman of Ningbo Longgang Industrial Co. Ltd. paid millions of yuan, including 3.44 million yuan to the government, to “acquire” Danmenshan Island. This made him the first legal “island owner” in China. Photos of Huang still hang in the island’s restaurant. Photo: Zhang Ruixue/Caixin

Huang’s plan to build a high-end resort featuring a golf course were never realized due to a lack of funds. The island was subsequently mortgaged. On June 17, the island was auctioned off to a bidder named Li Guozhu for 28.68 million yuan, granting him the rights to use the island until 2061. Photo: Zhang Ruixue/Caixin

One of the diesel generator rooms on Danmenshan Island. Photo: Zhang Ruixue/Caixin

The hotel swimming pool on Danmenshan Island has seen better days due to the lack of maintenance. A 2017 survey found that China has over 11,000 islands, more than 10,000 of which are uninhabited. Photo: Zhang Ruixue/Caixin