The downturn in the Beijing property market and a sharp fall in commission revenue forced the closure of 12 per cent of the capital's property agents, after home-purchase restrictions killed demand, a survey said.
Homelink, one of the largest property agencies in Beijing, said 700 agency outlets had closed since the municipal government restricted residents from buying more than two homes to curb demand and price growth.
The number of property agency outlets dropped to 5,310 last month, down 12 per cent from 6,029 in February, it said.
With only 8,750 properties changing hands last month, down 67 per cent from the recent peak level of 26,412 sales recorded in September last year, estate agents' commissions have fallen sharply.
'Obviously, many agents are suffering losses,' said Zuo Hei, a director at Homelink.
Kenneth Pak Kei-yuen, a senior general manager at the Beijing office of Midland Realty, said he believed the worst was not yet over.
'It would not surprise to see more closures if the poor market conditions persist,' Pak said, adding that 'tens of thousands' of people could be axed during this crisis.