Realogy Corporation, a global provider of real estate and relocation services, today announced that it has made a minority equity investment in CENTURY 21 China Real Estate, an independently owned company that serves as the master franchisor for Realogy's CENTURY 21(R) brand in the People's Republic of China (PRC). Terms of the transaction were not disclosed, and the acquisition is not expected to have a material impact on Realogy's financial results.
CENTURY 21 China Real Estate directly owns and operates 300 real estate brokerage offices, or stores, in Shanghai and Beijing, two of the PRC's largest and fastest-growing cities. Additionally, the company's franchisees and sub-franchisees operate more than 950 stores in more than 40 cities across 16 provinces. In total, more than 11,000 sales associates work under the CENTURY 21 real estate brand in the PRC. CENTURY 21 China Real Estate is among the three largest residential real estate brokerages in 90% of its markets, and is the largest firm in 30% of those markets.
INFO SOURCES
Realogy Corporation
FIRMS
Realogy Corporation, a global provider of real estate and relocation services, has a diversified business model that includes real estate franchising, brokerage, relocation and title services. Realogy's world-renowned brands and business units include Better Homes and Gardens Real Estate(R), CENTURY 21(R), Coldwell Banker(R), Coldwell Banker Commercial(R), The Corcoran Group(R), ERA(R), Sotheby's International Realty(R), NRT LLC, Cartus and Title Resource Group [Citi Habitats]. Collectively, Realogy's franchise systems have approximately 15,000 offices and 315,000 sales associates doing business in 87 countries around the world. Headquartered in Parsippany, N.J., Realogy has approximately 13,000 employees worldwide. Realogy is owned by an affiliate of Apollo Management, L.P.
PEOPLE
Richard A. Smith, president & CEO of Realogy
Gary Malin, president of Citi Habitats
Pamela Liebman, president of Corcoran
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