REAL estate agencies in Beijing have shut down nearly 1,000 outlets so far this year, with 177 in October alone, as the property market cooled following a slew of government tightening measures, according to a survey by a real estate agency.

The survey, released by Home Link China on Monday, said the city has seen more than 100 outlets close for several months, 73 percent owned by small and medium-sized agencies.

The agencies are facing increasing pressure as trading volume continues to decline, said Zhang Yue, chief analyst at Home Link China.

She blamed the slump to the government's tightening measures, which include higher mortgage rates, a ban on third-home mortgages and buying curbs.

 

Source:shanghaidaily.com