Sotheby’s International Realty Affiliates LLC, the real estate unit of the auction house, plans to start business in China’s luxury property market by the first half of next year to tap the country’s growing wealth.
The company will focus on the first-tier cities such as Beijing and Shanghai, chief executive officer Michael Good of the New Jersey-based firm said. Sotheby’s real estate unit has affiliates in 45 countries and regions, including Japan, Hong Kong, Taiwan, Thailand and Vietnam in Asia.
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