Century 21 buys stake in Shanghai property agent
(Shenzhen Daily)
Updated: 2006-10-20 14:34
U.S. home sales giant Century 21 Real Estate LLC is acquiring a stake in a
domestic real estate agency, the target company said Thursday.
Century 21's Chinese unit has signed an agreement with Bonity Property Group
(Shanghai) Co. Ltd. to take over its residential property service outlets in
Shanghai, a Bonity spokeswoman said.
"Century 21 is acquiring our residential offices," Vanessa Yan said, adding
that the firm has 22 outlets in the city, including residential and commercial
property offices.
She declined to elaborate.
The U.S. firm, which says it is the world's largest residential real estate
sales group, will take all Bonity outlets in Shanghai under its own brand, the
Shanghai Securities News cited sources as saying Thursday.
Spokespersons with the Parsippany, New Jersey-based Century 21 could not be
reached for comment Thursday morning.
Property markets in Shanghai were active in the third quarter, with strong
demand for office and retail space, despite intensified official efforts to cool
the property sector, property consultants Jones Lang LaSalle said earlier this
month.
Transaction volume in Shanghai's residential property market rose by 76
percent.
Century 21, which has 7,800 offices in more than 42 countries worldwide, is a
unit of Realogy Corp., a real estate franchiser spun off from Cendant Corp. in
August. (For more biz stories, please visit Industry Updates)
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