The first Re/Max office in China, Re/Max Eternity, is open for business in Beijing’s Chaoyang business district.
Re/Max Eternity broker-owner Xianqiu Kong plans to open two more offices in Beijing in the next three years and is excited about connecting with Re/Max agents around the world to exchange overseas referrals for her Chinese clients, the Denver-based franchisor said.
Re/Max China is selling rights to regions across China. Region owners sell franchises for offices that will conduct real estate business in their local communities.
“The many opportunities in China are as promising as they are challenging,” said Larry Oberly, Re/Max vice president of global development, in a statement. “We believe entrepreneurs like Xianqiu with existing connections in the Chinese market have the potential to be very successful in growing Re/Max market share in China.”
Last year, Chinese officials introduced measures intended to curb real estate speculation, including new capital gains tax regulations, higher down payment ratios, ceilings on new-home prices, and limits on investor purchases.
The exclusive franchisor of the Century 21 brand in China, IFM Investments Ltd., has been downsizing in the wake of declining transactions, and recently sold a 20 percent stake in the company to SouFun, which claims to be China’s leading real estate portal, for $51 million.