Property Agencies Tighten Belts Due to Sluggish Market

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Shenzhen Daily, Li Hao reported that "THE number of real estate agency branches had fallen by more than 70 percent to about 2,200 since the beginning of the year, according to the city’s real estate association figures.

    In June, small agencies resorted to reducing the number of branches to survive in a sluggish housing market. The medium-sized agencies followed suit in August. The trend was now started extending to the bigger agencies.

    He Xiaoli, manager of the Centaline Property Agency Limited, said the company could still make ends meet before September when new property was being traded in Shenzhen. However, since the sales volume began falling sharply, the company had decided to lay off more than 800 employees.

    He said there would be no significant improvement in the city property market in the next six months."

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Source: Shenzhen Daily