Beijing urges property websites to cease touting investment revenues

Beijing urges property websites to cease touting investment revenues

Beijing has already ordered 15 online real estate portals in order to remove misleading information, false ads as well as tips on feng shui by Wednesday. That’s a part of the government campaign aimed at cooling a red-hot housing market.

Ads on the websites should stay away from promising surging returns on Beijing real estate investment, as the official Xinhua news agency informed, as the Chinese capital feuds with leaping home prices as well as property speculators.

While flats in Beijing on average turn to be more affordable than homes in London or Tokyo, authorities are afraid that ascending prices are backing household debt, increasing banks' credit risks and also fanning grassroots resentment because home affordability declines.

The targeted websites, including popular real estate portals “I love my home ” and “Lianjia,” shouldn’t offer to help prospective purchasers to handle matters closely connected with school enrollment or local so-called "hukou" residence permits. 

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