CENTURY21 China Real Estate Agent Co Ltd officially took over the 16 branches of Shanghai Bonity Property Group amid a continued shakeup in the real estate brokerage sector.

The Beijing-based franchiser of real estate agencies under the US Cendant Corporation announced the opening of Raffles Real Estate Agency (Shanghai) Co Ltd, two months after acquiring Shanghai Bonity, the city's major property agency. Raffles now runs the 16 outlets of Shanghai Bonity.

Raffles, which will open new stores through direct investment, plans to increase its property outlets from 25 now to 100 by the end of next year in Shanghai. It had opened nine new stores to add to the 16 it took over from Shanghai Bonity.

Century21 China, which is now the second-biggest realtor in the city after Shanghai Centaline Property Agency Ltd, will also accelerate its franchised operation by adding another 30 outlets to 250 in Shanghai during the same period. The real estate industry has been consolidating after the central government implemented several measures to prevent it from being overheated.

The move saw several small-sized agencies eliminated from the industry and also slowed expansion by major property brokerages. The number of real estate agencies nosedived to 6,000 in Shanghai now from the peak of 21,000 in 2002. Shanghai is attracting more real estate agencies due to its fast growing second hand property market.

Golden Key Real Estate Consultancy Co Ltd, the biggest real estate brokerage in Beijing with more than 50 percent of the market, also made its first foray into the Shanghai market by setting up eight new branches several weeks ago.

Familiar Realty Co Ltd, a Shanghai-based privately owned real estate brokerage, opened 10 outlets in the city through franchising since it established in September.

Source:佚名