Realtor ranks shrink in wake of tighter property rules

The ranks of real estate agents are shrinking in major cities such as Beijing and Shanghai, in the wake of the ongoing tightening of regulations by authorities and as a result of a decline in transactions, analysts said on Friday.

According to Homelink, the Beijing-based real estate agent chain, 87 realty outlets were closed earlier this month in Beijing as market conditions changed and authorities moved to reduce speculation in the real estate market.

Among the closed outlets, 34 were shut down because the offices were located in unauthorized constructions. Nine were closed because they promoted properties in "neighborhoods with better schooling resources," a promotion forbidden since late March. Another 44 outlets that focused on commercial-titled apartment transactions were hit, after sales to individual buyers were suspended in March.