Real estate franchisor Re/Max has sold franchise rights for China, including the mainland, Hong Kong and Macau, to an unnamed ownership group based in Hong Kong.
Re/Max says the new Chinese franchise owners recently visited the company’s headquarters in Denver, and were recognized during a formal flag-raising ceremony.
"They expressed a desire to expose Chinese consumers to Re/Max because of the value of the brand and the professionalism it represents," Re/Max said in announcing the deal.
For competitive reasons, the ownership group has elected to remain anonymous until it returns to the U.S. in October for further franchisee training, Re/Max spokesman Shaun White said. Re/Max plans to release more details on the Chinese ownership group and its specific plans at that time, he said.
Founded in 1973, Re/Max has franchisees in more than 85 countries, with a global footprint that includes Europe, South America, Africa and Australia.
Last October, Re/Max launched an international listing site, global.remax.com, that now features nearly 650,000 property listings in 31 languages and 30 currencies. Re/Max says the site has attracted more than 1.3 million unique visitors, about 25 percent of whom have been from China.