Ray White has expanded its agency services to China, signing an agreement to list new and old properties for sale with China’s largest real estate agency, Lianjia, also known as Homelink.
Lianjia, which has more than 6000 branches in more than 25 cities in China, will co-list Ray White’s Australian and New Zealand properties in Mandarin on its websites.
The exposure to Lianjia’s audience – about 260 million Chinese buyers – will provide Ray White with the leverage into China and more importantly, fulfil the organisation’s strategy of becoming more diverse and a brand that is more attractive to the Chinese community.
With Australia’s business dealings with China increasing, and critical, Ray White Group director Dan White said the small percentage of Ray White’s employees with Chinese ancestry was not enough.
“As we continue our transition into becoming a genuine regional business, our aim is to be able to provide our clients with solutions across Asia Pacific and ensure that we’re comprised of a rich diversity of cultures,” he said.
“[The strategy] has two big advantages for us. Understanding and servicing the unique requirements of clients across different regions and attracting talent to a group who have a regional perspective,” he said.
“We’re happy to take a very long-term view because of how important this issue is.” Apart from co-listing with Lianjia in China, Ray White now uses Chinese Wechat social media – known for its viral reach – where every local listing can be viewed in Mandarin.
Local Ray White agents can also convert their listings into Mandarin through a new translation service the company has set up. A translated listing can be uploaded to local websites as well as Australian Chinese property website ACProperty.com.au. The company has already sold a $1 million apartment in Lane Cove in Sydney’s north and an Auckland apartment for $650,000 since signing the agreement with Lianjia a few weeks ago.
Lianjia, which had $140 billion in sales last year and is worth about $6 billion, is looking to raise another $1 billion from private investors. It already has investments from Chinese internet heavyweights Tencent Holdings and Baidu.