China’s real estate market is ballooning. And in its latest bid to prevent Beijing property prices becoming stratospheric, the government has taken aim at online realtors.
From Friday, Beijing property websites are required to dispense with overtly promotional language. This includes advertisements that promise a high return on investment and even references to good feng shui, CNBC reports citing Chinese state news agency Xinhua.
According to Xinhua—which noted that the restrictions would target 15 property portals accused of violating real estate advertising rules—claims related to “feng shui and other feudal superstitions” and “appreciation on investment returns” would be banned.
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The property market makes up about 20% of China’s GDP and is often considered a barometer for the performance of other sectors—particularly construction and commodities.
The new crack down is the latest in a series of cooling off measures imposed by China, where authorities are desperate to prevent the development of a property bubble that could threaten the broader economy.