Realty agencies close amid cooling sales

SHANGHAI: The continuing cooling property sales in the city have led an increasing number of real estate agencies to shut outlets.

The number of real estate agencies outlets in the city has reduced by more than half from the peak of 16,000 two years ago to around 7,000. Some large agencies even closed outlets located in the outer ring of the city, or the area with housing sales shrank sharply.

The Shanghai Mantanghong Real Estate slashed half of its 30 outlets in Pudong district, where luxury apartments gathered but sales remained stagnant.