Brokers out of commission as real estate developers delay payments

Cash-strapped property developers grappling with a deepening slump in the nation's housing market are delaying huge amounts of fees due to real estate brokers.

Li Yaozhi, general manager for South China with Centaline Property Agency Ltd, one of the biggest brokerages in China, told reporters last week in Shenzhen that developers owe Centaline more than HK$3 billion ($387million) in commissions.

In Shanghai, a Centaline employee posted a picture on the Weibo micro-blogging service that showed several Centaline employees staging a protest demanding commission payments from a developer named Changtai.