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April 15, 2016

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Property brokerages fined over promotions

SIX real estate brokerages, including Lianjia, the city’s largest, were fined 130,000 (US$15,400) to 200,000 yuan for running false and misleading promotions, officials said yesterday.

Lianjia, Pacific Rehouse, Renfeng Real Estate, Hanyu Property, 5i5j and Jiaxin Real Estate advertised non-existent properties and fake home prices to promote second-hand property transactions, said the Shanghai Industrial and Commercial Administrative Bureau.

The fines were issued in accordance with the Anti-Unfair Competition Law.

A six-month crackdown on real estate brokerage irregularities targeting seven violations started this month, local authorities said.

Violations include spreading rumors regarding real estate price surges and property price speculation, concealing information to make properties seem more attractive, and fabricating documents.

The move follows an investigation of irregularities at Lianjia by Shanghai Consumer Rights Protection Commission in February.


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