Sotheby’s To Enter Chinese Luxury Property Market
June 27, 2012 - China
Sotheby's International Realty Affiliates LLC, a unit of Realogy Corp., plans to start business in China's luxury property market by the first half of next year to tap the country's growing wealth.
Sotheby's International Realty has affiliates in 45 countries and regions, including Japan, Hong Kong, Taiwan, Thailand and Vietnam in Asia.
"We've had a lot of global growth, but we've been very careful with China, because China is such an important emerging economy," Good said in an interview in Shanghai yesterday.
"We think it's very, very important to be measured in our approach and make sure that we better understand the real estate players and the nature of the business in this country."
Sotheby's International Realty joins competitor Christie's International to access growing wealth in China as buyers search for overseas properties amid purchasing and financing curbs imposed by governments in Hong Kong and Beijing to cool off the real estate market.
High-end properties account for approximately 7 percent of China's overall residential market, according to Jones Lang LaSalle Inc., which defines the category as above 40,000 yuan ($6,285) per square meter.
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