ecns [expanded by feedex.net]: Authorities step up supervision of real-estate agencies

ecns [expanded by feedex.net]

ecns

Authorities step up supervision of real-estate agencies
http://www.ecns.cn/business/2016/12-04/236382.shtml
Dec 4th 2016, 12:22





Sunday Dec 04, 2016






Irregularities in China's real-estate agency market are a major source of customer complaints. Chinese authorities have announced that they are now taking measures to strengthen regulations and standardize the industry.
A real estate agency is supposed to provide convenience for those who'd like to purchase their dream home.
But, contrary to this, some of the agencies in China have been known to stir up trouble.
"Sometimes, in order to reach a deal and make a profit, some agencies use whatever means they can. They cheat the customers and even fabricate information on the contract," said Zhao Qingxiang, Secretary-General of China Real Estate Agent Assoc..
Irregular fees, embezzling funds and illegal financial services are also among customers' complaints.
For many agencies, the charging standards, including taxes and service fees, lack transparency.
Many clients have even been cheated with recurring fees.
But now these illegal practices are expected to be strictly reigned in as Chinese authorities are stepping up supervision over the whole real estate agency market.
In October of this year, authorities unveiled a list of 75 real-estate agencies with poor credit records that will be severely punished under the law.
"Real estate agencies form a very complicated market, due to their long service cycle. And as the market touches upon a variety of departments, a single power is too weak to regulate the market. So this year, the ministry of Housing and Urban-Rural development cooperated with many related departments to fight against the irregularities in the industry through joint efforts," said Wang Xia, Deputy Secretary-General of China Real Estate Agent Assoc..
Standardizing services, improving the management system, and strengthening supervision have been listed on the government's top agenda.
With stronger regulations, it is hoped that more real estate agencies in China can make people's dreams of a new home a reality in a more pleasant and smooth way.
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