Major Real Estate Broker Closes Slew of Outlets Amid Slump

In another sign of a chilly winter looming over China's real estate industry, broker Centaline Property plans to lay off about 1,000 staffers and close 60 outlets in Shenzhen.

According to National Business Daily on November 3, Li Yaozhi, managing director of Centaline in South China, said that more stores will be shut down if the market does not take a turn for the better next year.