Sotheby’s International Realty is working to expand its footprint in China with the addition of a new affiliate in the nation’s largest city, Shanghai.
Tera Realty Limited, a two-year-old residential real estate brokerage owned and operated by Ted Fang, will now operate as Tera Sotheby’s International Realty, it was announced Wednesday.
“As one of the key cities in mainland China, the expansion into Shanghai allows the Sotheby’s International Realty brand to have a strategic presence in the market,” said Sotheby’s International Realty Affiliates president and CEO Philip White in a statement.
“The Chinese buyer is a global consumer and with Shanghai being the second-most populated city in the world, we are strengthening the brand’s foothold in Greater Asia,” he added
Fang noted that Shanghai has a strong luxury real estate market, where 1,000-square-foot apartments are listing for as much as $725,000.
“The real estate market in Shanghai offers some of the most expensive and highest-quality homes in China,” Fang said. “Our team of experienced real estate professionals have a wide network across China and we are focused on providing exceptional service to our clients.”
“Affiliating with the Sotheby’s International Realty brand allows us to expand the reach of our network around the world while being part of a largely-trusted global brand,” he added.
This is the second expansion move the company has made in the Asia Pacific region this summer, the first being the anticipated 2019 launch of new offices in Jakarta, Bali, Ho Chi Minh City, and Hanoi through its List Sotheby’s International Realty affiliate headquartered in Honolulu.
With the addition of Tera, Sotheby’s now operates in four Chinese markets including Beijing, Hainan, and Tianjin, and has 50 offices in the greater Asia Pacific region, according to a press release.
Worldwide, Sotheby’s has 22,000 affiliated independent sales associates located in 960 offices across 72 countries and territories. In the past year, the company has raked in a sales volume of $108 billion.