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World Famous Real Estate Brokerage Eyes China
Century 21 Real Estate Corp, one of the world's largest franchisers of residential real estate brokerage offices, plans to set up a nationwide first-owner and secondary real estate network for Chinese customers.
According to Business Weekly of China Daily, Century 21 will also open the first office in Beijing in July.
The goal of Century 21 China is to grant franchises in 30 regions, to develop 2,000 offices and train 14,000 professional agents in China, said Harry Lu, president of Century 21 Real Estate China.
"China's accession to the World Trade Organization will bring us more opportunities in our business expansion," he said.
Lu said that China's real estate market has slowed in recent years, overheating has disappeared and the markets are now more stable.
The Chinese government is making progress in improving market regulation, but this is a long road with many hurdles to be overcome, he said.
China's housing reform which has abolished the welfare housing distribution system has thrown millions of people into the real estate market.
Most of these people know little about the real estate market, Lu said. "They need qualified agents to help them and Century 21 will try to regularize the intermediary market," he added.
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