HomeLink Closes 87 Braches in Beijing
China’s largest property agency, Homelink, confirmed on Tuesday that it has closed 87 branches in Beijing, underscoring the depth of the city’s real estate market woes after unprecedented government tightening.
The company, which recently attracted China Vanke as an investor, said in a statement that it had shut the outlets after a fourth straight week of falling business in the wake of the harshest purchase restrictions in the capital’s history. Previous reports said Homelink would shut down 300 stores across Beijing. The agent did not say how many more stores it plans to close.
…Homelink’s own data showed that transactions it dealt with fell to 3,145 units in April, a 77 per cent plunge from the previous month.
…The wave of agency closures was also attributed to a campaign to shut down outlets converted from the first floor of residential buildings. Homelink lost 34 stores because of that crackdown.
It looks like Beijing could see 1,000 or more branch closings in 2017.