Real-Estate Agency Reported to Shutter 87 Outlets in BeijingBloomberg News
Homelink closures cited by 21st Century Business Herald
Firm cited saying it wanted to meet compliance requirements
One of China’s biggest real estate agencies, Beijing Homelink Real Estate Brokerage Co., closed 87 outlets in Beijing, according to a report in local media.
Homelink shut the outlets to “proactively abide by compliance requirements,” the agency was quoted as saying in the 21st Century Business Herald. The company’s public relations department didn’t respond to two calls seeking comment.
The closures come as China’s leaders are cracking down on irregularities in the real estate market as they seek to rein in home prices. Beijing’s municipal government imposed additional restrictions on home buyers this year in an attempt to cool the market, giving China’s capital the strictest mortgage rules among the nation’s cities.
Property company China Vanke Co. is among investors in Homelink.
In March, Beijing raised down-payments for people buying a second home 10 percentage points to between 60 percent and 80 percent. The maximum length of a mortgage was cut to 25 years from 30 years.
— With assistance by Emma Dong