Shanghai Targets Online Pessimism Amid Property Slump

Shanghai's internet regulator has ordered online platforms to remove content it calls "alarmist" about the city's property market. This action comes as China's real estate sector continues to struggle with a long-term slowdown. The Shanghai Cyberspace Administration specifically instructed platforms like RedNote and Bilibili to take down posts. It stated these posts spread misleading information that could damage market confidence. The crackdown coincides with a lack of new sales data from major developers. Two leading data providers have recently stopped updating their weekly sales figures for China's top property firms. This has reduced public information on the market's performance. Authorities say the move aims to maintain a healthy online environment. They argue that eliminating what they term "doom-mongering" is necessary for market stability.