Sotheby’s International Realty Affiliates LLC has signed an agreement with Beijing Xin Rui Zeng Yi International Real Estate Brokerage Co. Ltd. to open Beijing Sotheby’s International Realty by the end of next month, with Liu Gang serving as chairman, Kevin Corbett as CEO, and Jim Hao as general manager.
Beijing Xin Rui Zeng Yi International Real Estate Brokerage Co. is owned by Plus Investment Holding Group. With the go-ahead to conduct business in mainland China and the opening of the Beijing office, the Sotheby’s International Realty brand will have 27 offices throughout Asia and Australasia in Hong Kong, Japan, the Philippines, Taiwan, Thailand, Vietnam, Australia and New Zealand.
Another Realogy franchise brand, Century 21, has had a presence in China since 2000. Denver-based Re/Max Holdings Inc. entered the China and Hong Kong markets in 2012 by selling master franchise rights to the region for $1.8 million, and expanded into Korea and Japan last year.
In its most recent report to investors, IFM Investments Ltd., the exclusive franchisor of the Century 21 Real Estate brand in China, reported a third-quarter 2013 loss of $2.9 million on revenue of $33.2 million. Source: realogy.com.