[photopress:real_estate_golden_keys.jpg,full,alignright]No one thought it ever would happen. But the law of real estate is that what goes up must eventually come down.
In real estate, with government curbing measures taking effect, the property market in Beijing has become as cold as the icy weather. Many housing agents have been forced to shutter their doors as the number of customers drop dramatically.
Golden Keys used to be the most popular housing agent chain in Beijing, with more than one hundred outlets across the city in early 2007. But the group has had to close nearly half of their outlets, due to light trading.
Golden Keys Staff, said, ‘Our clients are adopting a wait and see attitude, instead of buying or selling. We anticipate this situation to last for a few months at least.’
The Beijing Real Estate Agent Association says since last September, at least seven real estate agent chains have de-registered with the association and completely shut down their business.
Zhou Zongchu, Deputy Chief of Beijing Real Estate Agent Association, said, ‘First, it’s because of the tough competition between the agents. Second, players are expecting a light real estate market as government curbing measures begin to kick in.’
Second-hand house trade volume dropped 15% in Beijing last December compared to the same period in 2006. And experts say it’s hard to tell how long this chilly phase will last.
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