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Lianjia to shut some Shenzhen offices after city caps home prices

Huge real estate firm sees pre-owned housing market evaporate and employees flee

Lianjia and its peers have seen pre-owned home transactions in Shenzen plummet more than two-thirds from a year earlier, according to the Shenzhen Real Estate Intermediary Association.   © AP

One of China's biggest real estate agencies plans to close a fifth of its offices in Shenzhen, where transactions for pre-owned homes have dropped dramatically since February when the city became the nation's first to attempt to cap the prices of such properties.

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