Real estate agents reportedly give pink slips to hundreds of employees

Realt estate agencies are on a layoff spree as home sales have frozen amid recent price dips.

Beijing Weiye Real Estate laid off five sales agents on Monday at one of its branches in Beijing's Chaoyang district, an employee, who refused to be named, told China Daily. The recent pink slips are part of a bigger layoff plan contemplated after sales slumped over the past two months to just one-third of the levels seen in 2012.