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Tight housing policies push firms out

Tight housing policies push firms out

Updated: 2012-04-12 18:33


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Thousands of real estate companies in Beijing, Wuhan and Sichuan have closed down due to the nationwide strict control on the housing market, reported Thursday.

In Beijing, 473 housing firms were disqualified from developing real estate either because they did not renew certificates or had been revoked of business permits, said a year-end release by Beijing Municipal Commission of Housing and Urban-rural Development in 2011.

By the end of October 2011, there were a total of 1375 registered property enterprises in Wuhan, down more than 200 over 2010, according to figures published by Wuhan Housing Security and Management Bureau in November.

Sichuan saw 423 housing firms written off the qualification list as of July 2011, a circular from Sichuan Housing Urban-rural Construction Bureau said.

But most of the disbarred companies are low-grade property developers, said the report.