Real Estate Agencies Pledge Not to Drive Property Prices Up Through Speculation
Yicai Global
/SOURCE : Yicai
Real Estate Agencies Pledge Not to Drive Property Prices Up Through Speculation

(Yicai Global) June 20 -- Nine real estate agencies, including Lianjia Real Estate Manager Co. and Centaline Property Agency (Shenzhen) Ltd., pledged at the China Real Estate Brokers Annual Conference yesterday not to drive prices up through speculative buying and selling, according to state-run Xinhua News Agency.

Such a statement will be displayed on the real estate agencies' online homepages and in their business premises. Dedicated hotlines and email accounts will be set up for reporting violations of the promise and offenders will be penalized.

Xinhua News Agency appealed last month for "local governments to refrain from pushing up land prices and curb speculative investors from ramping up house prices."

Significant progress has been achieved in destocking China's real estate market this year, but land and real estate prices have continued to rise in first- and second-tier cities

Revenues disclosed by some 21 real estate developers show they had fulfilled 50.1 percent of their sales targets for the year by the end of May, according to statistics released by Centaline. In previous years, developers fulfilled between 30 and 40 percent of their full-year sales targets by this time in the year.

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