Anjuke Beijing ordered to remove commercial listings
10 Apr 2017
An ongoing municipal-level crackdown on the real estate industry in Beijing continues to suck in major e-commerce players. Last week we reported that a subsidiary of Fang Holdings (NYSE: SFUN) had its license to list revoked for knowingly listing properties zoned commercial as properties zoned residential.
Media reports from Beijing now indicate that the Beijing subsidiary of the real estate listings platform Anjuke has been ordered by the Municipal Cyberspace Administration to remove suspected commercial listings, after being informed that it was under investigation for publishing misleading information.
The company has been ordered to ensure that all information published on the platform is fully verified before listing in the future.
Anjuke is wholly-owned by the classifieds giant 58.com (NYSE: WUBA), having been acquired in March 2015 for $267 million U.S..
The company’s Beijing subsidiary is just one of 31 municipal subsidiaries across China, although Beijing is also home to the company’s international headquarters, adding to the potential embarrassment.
The investigations are being undertaken by the Beijing Ministry of Housing and Urban-Rural Development, in conjunction with the Beijing Ministry of Industry and Commerce and the Beijing Cyberspace Administration.
Founded in 2007, Anjuke pulls in 66 million unique visitors per month. In addition to Anjuke, for house buyers, the company also operates Haozu, for renting; and Jinpu, for business real estate.