Media365
Shanghai has launched a crackdown on online content that talks down the property market, as the sector remains mired in a prolonged downturn and two leading data providers pull back on releasing updated sales figures for China’s top developers.
The Shanghai branch of the Cyberspace Administration of China said it had instructed platforms including RedNote and Bilibili – often dubbed China’s answer to Instagram and YouTube – to remove content deemed to be spreading misleading or alarmist information about the real estate market.
The “special campaign” – which began in mid-November – had already led to the removal of 40,000 posts and caused 70,000 accounts and 1,200 live-streaming rooms to be shut down, the body announced via its official WeChat account on Tuesday.
Some of the accounts were targeted for using phrases that could spread panic among users, such as “the market is about to crash”, “future sales will be impossible” or “the market will collapse”, according to the notice.
Others were accused of exaggerating or misinterpreting housing policies, shaping false market expectations or distorting information about Shanghai’s housing market, it added.
If expectations management fails, it could trigger broader risks such as widespread mortgage defaults and a surge in foreclosures
