Midland Realtyis closing down Shanghai shops

SHANGHAI - Hong Kong-listed real estate company Midland Holdings Ltd, will close all eight of its Midland Realty brokerages in Shanghai by the end of this month.

Though Midland's departure from the pre-owned housing market resulted largely from its poor adaptation to the mainland market, the plummeting transaction volume also played a role, analysts said.

"Our headquarters in Hong Kong decided to close all the Midland Realty chain stores in Shanghai on May 31, leaving only the Shanghai head office on North Sichuan Road open for future development," Ding Wei, head of Midland Realty Shanghai division, told China Daily on Thursday.