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Slump forces almost 40pc of agents out of business

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The severe downturn in the property market has forced almost 40 per cent of real estate agents out of business, and is likely to cause more casualties, industry leaders say.

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There could be widespread job losses this year if the market remained in the doldrums, Centaline Property Agency managing director Shih Wing-ching said.

'At the peak of the market last year, there were 25,000 to 30,000 estate agents. Now nearly 40 per cent of them are already out of the market,' he said.

Mr Shih said some agencies had abandoned expansion plans and closed loss-making offices, while several smaller agencies had closed down completely.

Mr Shih said many small agencies were still struggling to make a profit in the face of the depressed market.

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He said Centaline had cut its staff numbers to 1,800 from 2,500 and its branches to 240 from about 300 last year.

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