Sotheby’s International Realty has signed a deal with the Chinese equivalent of Zillow, following a two-year negotiation.
The agreement means that Sotheby’s will have a far greater presence in China and the wider Asian region through the association with Juwai.com. Although it has offices in Hong Kong and mainland China, Juwai has 2 million visitors a month to its site and Canada is its third most-searched country behind the US and Australia.
Although there is concern that foreign investors, especially wealthy Chinese buyers, are fuelling high prices in Vancouver and Toronto, these claims are often disputed by the limited data available.
“The reality is that global exposure is now paramount for Canadian real estate: it is what attracts the most-qualified buyers, and the highest price for our clients’ homes,” Brad Henderson, chief executive of Sotheby’s International Realty Canada told The Financial Post.