(ECNS) - The Beijing Real Estate Intermediary Association said it will hold companies accountable that jack up house rents despite pledges as an investigation is underway.
At a meeting in August, Beijing’s 10 apartment renting platforms pledged not to raise rent and offered a total stock of 125,725 apartments in two months to help maintain market stability.
The association said the 10 platforms offered 133,131 apartments by Oct. 20, 1.1 times the pledged quantity.
Data showed both the number and prices of the Beijing homes for rent continued to fall in September, with the number of deals dropping by about 8 percent. Rental service providers Ziroom.com reported a 5.5 percent decline in rent compared with the previous month.