Thursday January 10, 06:57 AM
China property broker Golden Keys to close about 50 more outlets - report
BEIJING (XFN-ASIA) - Beijing-based property broker Golden-Keys Real Estate Service Co Ltd plans to close an additional 50 outlets soon due to declining transaction volume, the Beijing News reported, citing a company source.
Since December,
the brokerage has closed 30-40 outlets, located mainly in areas with low transaction volume and small housing inventory, the report said.
According to its website, the company currently has about 500 outlets around Beijing, and employs about 6,500 property brokers, with a Beijing market share of about 25 pct.
The report said the company's volumes have decreased 10 pct per month since October, with many buyers delaying their purchases due to high prices.
The report added expansion has been too rapid in recent years.
China has implemented a series of measures to slow down the increase in property prices.
In November 2007, new residential property prices in 70 major Chinese cities surged 12.2 pct year-on-year, up 1.6 percentage points from the previous month.
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