February 21, 2014 // Franchising.com // MADISON, N.J. - Sotheby's International Realty Affiliates LLC today announced it has secured approval to conduct business in mainland China, and has signed an agreement with Beijing Xin Rui Zeng Yi International Real Estate Brokerage Co. Ltd., which is owned by Plus Investment Holding Group (Beijing), to open Beijing Sotheby's International Realty.
Liu Gang will serve as chairman of Beijing Sotheby's International Realty, Kevin Corbett will serve as chief executive officer, and Jim Hao as general manager. Beijing Sotheby's International Realty is scheduled to open in the first quarter of this year.
"Doing business in China is a key milestone for our brand," said Philip White, president and chief executive officer, Sotheby's International Realty Affiliates LLC. "In September 2012, Sotheby's became the first international auction house licensed to conduct auctions in China through its joint venture Sotheby's (Beijing) Auction Co., Ltd. Concurrent development in China has been a priority for the Sotheby's International Realty brand for the last several years. We strongly believe that under the leadership of Mr. Gang and Mr. Corbett, the Sotheby's International Realty brand will have a strong foothold in Beijing, China's capital."
"Our team has extensive experience with high-end consumer goods, and together with the Sotheby's International Realty brand's global reach, we can combine our local knowledge to create a trusted resource for those seeking to invest in Beijing's real estate," said Gang. "We look forward to further growth and expansion in the key luxury markets of mainland China."
With the opening of Beijing Sotheby's International Realty, the Sotheby's International Realty® brand will have 27 offices throughout Asia in Australia, Beijing, Hong Kong, Japan, New Zealand, the Philippines, Taiwan, Thailand and Vietnam.
The Sotheby's International Realty network currently has nearly 14,000 sales associates located in approximately 680 offices in 49 countries and territories worldwide. Sotheby's International Realty listings are marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the network's brokers and clients benefit from an association with the Sotheby's auction house and worldwide Sotheby's International Realty marketing programs. Each office is independently owned and operated.
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby's International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. Sotheby's International Realty Affiliates LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. In February 2004, Realogy entered into a long-term strategic alliance with Sotheby's, the operator of the auction house. The agreement provided for the licensing of the Sotheby's International Realty name and the development of a full franchise system. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby's International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby's auction house, established in 1744. For more information, visit www.sothebysrealty.com.
SOURCE Sotheby's International Realty Affiliates LLC
Director, International Marketing, Asia Pacific
Sotheby's International Realty Affiliates LLC
175 Park Avenue
Madison, NJ 07940
Beijing Sotheby's International Realty
8/F 808-809 Beijing Silver Tower, No.2 East 3rd Ring Road North
Chao Yang District, Beijing