Xinhua published an article reporting that, according to the Ministry of Housing and Urban-Rural Development (MOHURD), a guideline will soon to be issued to regulate China’s real estate brokerage industry. The article claimed that there has been disturbing conduct in this industry. For example, inappropriate commission rates are charged and the actual information about the house that is on sale is being covered up or falsely presented. The Ministry plans to regulate the industry to ensure that information is accurate, comprehensive, and timely; that there is an online authorization of the contract agreement; and that the escrow fund, the record keeping, and the personnel management are handled properly. The first round of the regulatory effort will take place in brokerage firms in cities, including Beijing, Shanghai, and Shenzhen.
Source: Xinhua, May 8, 2016