Update: Real estate agency reacts to arrest of employees to strengthen rules against house flips

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Despite graduating from some of China’s top universities, some young Chinese fear soaring housing prices in top-tier school districts. Photo: Li Hao / GT

5i5j.com, a Chinese real estate agency, said the company has always acted on the principle that “homes are for living in, not for speculation”, and will continue to work on strengthening internal management for its business. ensure that its staff respect these rules. a staff member told The Global Times on Thursday in response to the arrest of two of its employees for posting inflammatory messages about local house-flipping regulations that sparked group rallies.

“A small number of our employees have broken the rules despite the company’s efforts to educate every employee of the latest government regulations on housing management,” Feng, an employee of 5i5j.com, told Global Times, adding that the company will strictly strengthen internal management to promote the healthy development of China’s housing industry.

The police notice, released online Tuesday, said the Xicheng District Housing Management Office in Beijing, one of the city’s central districts with the most renowned schools, has been informed of the situation regarding the two brokers, reported the Beijing Daily. Wednesday.

The Xicheng Housing Management Bureau opened an investigation into the 5i5j case and suspended operations at the branch where the two brokers worked.

The practice certificates of the two agents have been suspended, and the Beijing Association of Real Estate Agencies will limit their practices in the field.

The office issued a statement banning “school district houses” as a selling point for real estate agencies, cracking down on orders that are priced significantly higher than market prices, and banning any activity that drives up prices in the city. school district housing.

House flipping in neighborhoods with highly desirable schools has always been an annoying phenomenon in major Chinese cities like Beijing and Shanghai. This is in particular due to the fact that admissions to schools are decided by the proximity of the residential addresses of the students. Therefore, apartments near popular schools tend to have high prices as demand exceeds supply.

To curb house prices in those areas, Beijing in April launched a special rectification of real estate market orders that stipulated, as one of the main areas of management, a strict ban on speculation in homes in school districts.

As a result of the decision, special inspections of law enforcement were launched in a number of districts, including Haidian, Xicheng and Dongcheng, where the most popular schools are located.

So far, six housing agencies have been closed, bringing the total to 17.

Despite the authorities’ crackdown on real estate speculation, some agencies and brokers continue to advertise school district homes as “tickets to famous schools” or “a perfect investment choice.”

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