China has replaced all business tax with value-added tax (VAT) after extending the policy to cover the construction, real estate, finance and consumer services sectors on Sunday. [File Photo]
China has replaced all business tax with value-added tax (VAT) after extending the policy to cover the construction, real estate, finance and consumer services sectors on Sunday. [File Photo]

The Ministry of Housing and Urban-rural Development is working with related departments on policies to regulate housing listings of agencies and strengthen management of brokers, vice minister Lu Kehua said at a press briefing on Friday.

real estateThe ministry also promised to improve credit information systems in the sector and step up supervision over real estate agency practices.

Fabricating housing listings and irregular fee charges are among the usual complaints filed by clients.

According to research from 2014, 43.8 percent of 30,000 people surveyed in Beijing said they had encountered “bad behavior” from real estate agents when renting apartments.

In an inspection last month, Shanghai regulators decided to issue fines of between 130,000 yuan (20,000 U.S. dollars) and 200,000 yuan to six real estate agents, including industry leaders Lianjia.com and 5i5j.com for false advertising. Enditem

Source: Xinhua

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