Asian Tech Press (Nov 8) -- New Oriental Education, China's leading private tutoring firm announced on Sunday that it will quit renting nearly 1,500 teaching schools, due to new off-site tutoring rules to reduce 'twin pressures' of homework and tutoring on children.

During a live broadcast on Sunday evening, Michael Minhong Yu, founder and chairman of New Oriental Education, said that the company will surrender 1,500 tutoring spots because of business adjustments.

"Nearly 2,000 teaching schools, six to seven billion yuan has been spent on their renovation alone, and there are still deposit defaults to be paid and so much more money to be spent," Yu said.

At the same time, Yu announced that New Oriental Education plans to set up a large agricultural platform, and he will lead hundreds of teachers livestream to sell agricultural products.

Yu said the move is not to simply sell goods, but to help the industrial upgrading of agriculture as well as rural revitalization, but also to help farmers improve their careers.