Legacy Properties Sotheby’s International Realty to Target China’s Wealthy with New Juwai.com Alliance
Portland, ME (September 08, 2016) – Legacy Properties Sotheby’s International Realty has announced an alliance with Juwai.com that enables the luxury real estate brand to generate Chinese buyer interest on one of the world’s most prominent real estate websites with over two million monthly visitors. As a truly international brand, Sotheby’s International Realty now has the most global representation on Juwai.com, displaying luxury listings from 65 countries and territories.
Chinese Real Estate Buyers
China is already the second-largest source of visits to sothebysrealty.com, only after the United States, and accounts for one out of every 10 visitors.
Because of its rapid economic growth, the number of Chinese dollar millionaires is expected to reach 2.3 million by 2020, a 74 percent increase compared to today.[i] Largely due to China, Asia was responsible for 70 percent of all new billionaire wealth in 2015.[ii]
Chinese Real Estate Buyers
Chinese investors favor real estate as an asset class. Chinese purchasers acquired at least US$350 billion of U.S. real estate between 2010 and 2015.[iii] 69 percent of Chinese purchase on an all-cash basis.[iv] Between 2009 and 2015, Chinese buyers went from accounting for 10 percent to 28 percent of all foreign residential real estate acquisitions in the U.S. In the same period, its annual investment level increased more than nine-fold.[v]
Looking forward, Chinese buyers are expected to continue their international real estate purchasing spree. The best estimate is that they will spend at least US$218 billion on existing U.S. real estate between 2016 and 2020[vi] – with investments in the rest of the world on a similar scale.
Details of the Alliance
The Sotheby’s International Realty brand alliance with Juwai.com includes the following components:
“We are constantly looking for opportunities to expand globally by adding new distribution opportunities that showcase properties to affluent consumers in key growth markets. The alliance with Juwai.com achieves that by giving us better access to a market that is already one of our most important, and which promises great future growth.”
“One of Juwai.com’s key advantages is that it is hosted on both sides of China’s internet firewall, so its listings are visible online both within China and outside of China.”
–Wendy Purvey, chief marketing officer, Sotheby’s International Realty Affiliates LLC
“The Sotheby’s International Realty alliance with Juwai.com puts our listings in front of Juwai.com’s audience of high net worth Chinese international property buyers.”
“Having Juwai.com’s team respond to leads in timely fashion overcomes the cultural and time-zone challenges of working with overseas buyers. That’s a huge competitive advantage to our clients,” says Chris Lynch, President of Legacy Properties Sotheby’s International Realty.
Legacy Properties Sotheby’s International Realty, which has offices in Kennebunk, Portland, Brunswick, Damariscotta, and Camden, ME offers exclusive Sotheby’s International Realty® marketing, advertising and referral services that are designed to attract well-qualified buyers to the firm’s property listings. Property listings from Legacy Properties Sotheby’s International Realty also are marketed on the sothebysrealty.com global website, as well as on the firm’s local website, LegacySIR.com.
As a Sotheby’s International Realty affiliate, the firm and its clients also benefit from an association with the Sotheby’s Auction House, allowing the firm’s sales associates the opportunity for real estate referrals with auction house clientele as well as the unique ability to refer real estate clientele for appraisal services for jewelry, art, antique furniture and collectibles.
The Sotheby’s International Realty network currently has more than 19,000 affiliated independent sales associates located in approximately 850 offices in 65 countries and territories worldwide. Each office is independently owned and operated.
[i] Credit Suisse, Global Wealth Report 2015
[ii] Wealth-X, Billionaire Census Highlights 2015-16
[iii] Asia Society, Breaking Ground: Chinese Investment in
U.S. Real Estate
[iv] National Association of Realtors (USA), 2015 Profile of Home Buying Activity of International Clients
[v] National Association of Realtors, International Buyer Report for years 2011 to 2016.
[vi] Asia Society, Breaking Ground: Chinese Investment in
U.S. Real Estate