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By Hu Yuanyuan (China Daily)
Updated: 2007-12-17 11:09

Business circles in Shenzhen were stunned when they heard Zhongtian Real Estate Evaluation Co, one of the country's top-100 real estate brokerages, was shut down overnight.

The company's president Jiang Fei ran off with over 40 million yuan ($5.43 million) last month, leaving 170 million yuan in debt behind.

"I am really surprised that such a big company can go bankrupt so fast," says Feng Qian, a 32-year-old company executive in Shenzhen. "Such cases used to happen to small companies."

Established in 2003, Zhongtian experienced rapid growth over the following three years. By mid-2006, it has had more than 150 branches and 2,000 employees.

Yet it is not the first case of embezzlement in the real estate brokerage industry in the last two years. Just half a month before, Fuzhou-based Chengye Real Estate Brokerage Co was closed as its boss disappeared with 45,000 yuan. In the autumn of 2006, Tianjin-based Huizhong Real Estate Brokerage closed all of its operations overnight as 150 million yuan disappeared. In the autumn of 2005, the boss of Taoyuan Real Estate Broker Co, the largest real estate brokerage in Anhui Province, vanished with over 60 million yuan.

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"A lack of supervision is the reason," says Lu Hang, vice-president of Century 21, a leading real estate brokerage company. "The introduction of a third party (to hold money) such as banks, law firms or insurance companies, would be better to enhance capital management."

The triggers for the bankruptcies are very similar - the embezzlement of customer funds, whether to fuel rapid expansion, speculate in the stock market or for top management's own use.

"Once the investment fails or the real estate market sees a downturn, the company's tightened cash flow will cause a breakdown," says Huang Jianming, CEO of the Shanghai-based Zhiheng Jiacheng Real Estate Brokers Ltd.

Although in the first half of this year, the Ministry of Construction and the People's Bank of China jointly released a notice on strengthening the management of capital accounts in home purchases through brokerage companies, implementation has not been satisfactory.

To better regulate the industry, the Shenzhen government submitted a plan to the Shenzhen Municipal People's Congress for third parties to handle the funds. Zhongtian in fact had set up a "special account" at a bank in line with regulations.

But because rules are still vague they have not been put into actual practice. Many clients still deposit their money directly into accounts of real estate brokerages, leaving room for possible embezzlement.

"Besides many homeowners are not willing to go through a third party as it usually takes a much longer time," Lu Hang explains.