BIZCHINA / Overseas Investment
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.
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