China moves to regulate real estate agencies
Chinese authorities are formulating measures to strengthen regulations on real estate agencies, which have become a major source of customer complaints due to misleading information. The Ministry of Housing and Urban-rural Development is working with related departments on policies to regulate housing listings of agencies and strengthen management of brokers, vice minister Lu Kehua said at a press briefing. The ministry also promised to improve credit information systems in the sector and step up supervision over real estate agency practices.
Fabricating housing listings and irregular fee charges are among the usual complaints filed by clients.
According to research from 2014, 43.8 per cent of 30,000 people surveyed in Beijing said they had encountered “bad behaviour” from real estate agents when renting apartments.