You are here: Home » PTI Stories » National » News
Business Standard

30 Chinese real estate agencies criticised for malpractice

Press Trust of India  |  Beijing 

Chinese authorities have warned real estate agencies against flouting market rules as they intensified drive against illegal financial services in the sector.

The authorities slammed 30 real estate agencies for not obeying rules.

The 30 agencies are scattered across 17 provinces and cities including 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, state-run Xinhua agency reported today.

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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 25 2016. 18:48 IST