Sotheby’s International Realty® Brand to Target China’s Wealthy with New Juwai.com Alliance
Sotheby’s International Realty Affiliates LLC 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.
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 today1. Largely due to China, Asia was responsible for 70 percent of all new billionaire wealth in 20152.
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.
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 2015.3 69 percent of Chinese purchase on an all-cash basis.4 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.5
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 20206 – 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:
- Listing display: Sotheby’s International Realty property listings will appear on Juwai.com and in its real estate search results.
- First responders: Juwai.com’s Chinese-language team is located in mainland China so they can respond to consumer inquiries in real time, translate the inquiries into English and forward them to the Sotheby’s International Realty sales associate who has the listing.
- Brand page: A Sotheby’s International Realty brand overview page carries information about the brand, a contact form and the network’s listings – all in one place.
- Banner advertising: Sotheby’s International Realty banner ads will run on the Juwai.com homepage, promoting the company’s new brand page and listings to Juwai.com’s audience.
“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.”
“From now on, our listings will also be promoted on Juwai.com. 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 affiliates and independent sales associates, and to their clients.”
“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
About Sotheby’s International Realty Affiliates LLC