No more feng shui advice, says Beijing

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BEIJING (Reuters) – Beijing has ordered 15 online real estate portals to remove misleading information, false advertising and even advice on feng shui by yesterday, as part of its campaign to cool a red-hot housing market.
 
Advertisements on the websites should not promise rising returns on Beijing real estate investment as the Chinese capital battles with soaring home prices and property speculators.
 
While flats in Beijing on average are still cheaper than homes in Tokyo or London, authorities fear surging prices are increasing household debt, heightening banks’ credit risks and fanning grassroots resentment as home affordability fades.
 
The targeted websites include popular real estate portals Lianjia and I Love My Home.
 
They are not allowed to spread rumors or disseminate misleading information such as “limitless potential for price gains.” Content on feng shui or any form of financing advice is also forbidden.

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