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30 Chinese real estate agencies criticized for malpractice

2016-11-28 14:10

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Chinese authorities on Friday criticized 30 real estate agencies for flouting market rules, as it continues to give a hard strike on irregularities in the industry.

The 30 agencies are scattered across 17 provinces and cities including Shanghai and Guangdong, according to information disclosed by the Ministry of Housing and Urban-Rural Development on Friday.

The ministry is acting against activities such as fabricating information, embezzling funds and illegal financial services.

Providing additional leverage for people who cannot put downpayments together is strictly forbidden, the ministry said. Earlier this year, guidelines were unveiled to improve regulations on real estate agencies, which have become a major source of customer complaints.

In April, Shanghai regulators fined six real estate agents 130,000 yuan (about 18,800 U.S. dollars) to 200,000 yuan, including industry leaders and for false advertising.

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