21 August 2014 - 19 property agencies in Shanghai have come together and removed their listings from leading real estate portal SouFun.com due to continuously rising advertising rates and a conflict of interest that has emerged.
The agency alliance said that SouFun raised its listing prices 10 times in the past five years. Agencies are becoming more cautious on spending amidst the slowing real estate market and must therefore ensure that each dollar is well spent.
Moreover, SouFun is no longer a pure online platform, having invested in two real estate agencies. As a result, they now operate as a competitor of other property agencies.
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