Shenzhen moves to dampen housing rebound

Shenzhen’s Housing and Construction Bureau has acted to dampen speculation in the city’s housing market, targeting WeChat users who had been allegedly trying to engage in “collective pricing” actions.

The bureau said that anyone who was found to have engaged in such speculation would see their secondary housing online signing procedures suspended.

Estates in the spotlight were named as Shenzhen Hengyubin City, Zhongliang Fenghuangli Garden, and a few others.

“Those who, by fabricating facts, spreading rumors or other means of malicious speculation, bidding up housing prices, or otherwise intentionally disturbing public order should be promptly handed over to the public security authorities for handling according to law,” the notice said.

Perhaps even worse, the authorities would place violators on a credit blacklist and take related measures to restrict their purchase and sale of houses. Agencies found to have engaged in or encouraged such behavior would find their online signing rights suspended and will be added into the integrity blacklist, the notice added.

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