Sotheby's opens luxury property agency in China  

苏富比来华卖全球豪宅：美国农场报价44亿元

A view of Beijing Sotheby's International Realty's office. [Photo: finance.21cn.com]

(ECNS) – World's leading broker Sotheby's, known for its auction business in China, has leapt into the country's real estate market, the Beijing Youth Daily reported.

The broker on Friday established Beijing Sotheby's International Realty, aimed at providing access to luxury properties and homes for sale worldwide to Chinese customers.

Among the first properties the company introduced, most are in the United States and Canada, with prices ranging from millions to tens of millions of dollars. One private ranch in the US, covering 207,000 hectares, is priced at $725 million.

Statistics from the company showed that Chinese buyers have been the fastest growing group in global luxury real estate purchases, buying up properties in cosmopolitan cities such as New York, London, and Sydney.

Kevin Corbett, CEO of Sotheby's Beijing realty service, said property agents wouldn't go far in the high-end business if they didn't provide Chinese-language services in major cities.

Sotheby's also revealed its plans to set up another branch in Hainan province in the near future.