Realogy Corporation has made a minority equity investment in Century21 China Real Estate, an independently owned company that serves as the master franchisor for Realogy's Century21 brand in China.
"We are proud of the success we have experienced since our affiliation with the Century21 System eight years ago," said Donald Zhang, chairman, Century21 China Real Estate. "With this added support from Realogy Corporation, we are even more confident that we can continue the growth of our company and the Century21 network in the People's Republic of China."
Terms of the transaction were not disclosed, and the acquisition is not expected to have a material impact on Realogy's financial results.
"Century21 China Real Estate has proven itself as a leader while operating in a rapidly developing residential housing market, and we believe that the company and its senior management team are poised to capitalize on a period of high growth within the PRC," said Richard A. Smith, president & CEO of Realogy. "We will continue to make selective investments in global real estate markets through strong local operating companies such as Century21 China Real Estate."
Century21 China Real Estate directly owns and operates 300 real estate brokerage offices, or stores, in Shanghai and Beijing. Additionally, the company's franchisees and sub-franchisees operate more than 950 stores in more than 40 cities across 16 provinces. In total, more than 11,000 sales associates work under the Century21 real estate brand in China. Century21 China Real Estate is among the three largest residential real estate brokerages in 90% of its markets, and is the largest firm in 30% of those markets.
Do **NOT** buy CENTURY-21 Real Estate China stocks.
I have asked a few mom & pop Real Estate Agents in China
whether CENTURY-21 Real Estate China is their competitor they just laugh.
Remember that real estate agency in China is not a straightforward business as in the West.
To complete a transaction, real estate buyer or seller are expected to spent at least 40 hours running back and fort, in congested traffic, between various government offices and banks.
My experience tell me that these mom & pop brokers :
1) are extremely good at pushing paper works at government offices and banks.
2) have good connection with workers at various government offices and bank managers.
I have saved over $10000 USD in tax in a transaction last week thanks to a tip from a "friend" of my broker in a government agency.
I also save quite a lot on the mortgage at the bank where my broker has old "friend" as manager.
3) are willing to cut commission more than half.
4) have many other tricks in their hats that can help when "things" do not go smoothly as expected.
Most Chinese know, as I do, that mom & pop brokers are
better than the chain stores like Century 21.
If CENTURY-21 Real Estate China looks as good as their numbers showed they should issue their IPO in Shanghai or Shenzhen where it is sure to get higher valuation.
Its shares are listed in the USA because most investors in the USA do not know how really good or bad CENTURY-21 Real Estate China is.
Good luck USA investors!
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