MADISON, N.J., Sept. 26, 2018 /PRNewswire/ -- Sotheby's International Realty Affiliates LLC today announced that Tera Realty Limited in Shanghai, China is the newest member of its global network and will now operate as Tera Sotheby's International Realty.
Owned and operated by Ted Fang, the firm was established in 2016 and serves the residential real estate market in Greater Shanghai.
"As one of the key cities in mainland China, the expansion into Shanghai allows the Sotheby's International Realty® brand to have a strategic presence in the market," said Philip White, president and chief executive officer of Sotheby's International Realty Affiliates LLC. "The Chinese buyer is a global consumer and with Shanghai being the second-most populated city in the world, we are strengthening the brand's foothold in Greater Asia. We proudly welcome Tera Sotheby's International Realty to our global network."
"The real estate market in Shanghai offers some of the most expensive and highest-quality homes in China," said Fang. "Our team of experienced real estate professionals have a wide network across China and we are focused on providing exceptional service to our clients. Affiliating with the Sotheby's International Realty brand allows us to expand the reach of our network around the world while being part of a largely-trusted global brand."
Tera Sotheby's International Realty is the fourth Sotheby's International Realty-branded company in China; also operating in the country are Beijing Sotheby's International Realty, Hainan Sotheby's International Realty, and Tianjin Sotheby's International Realty. With this addition, the brand now has 50 offices in the greater Asia Pacific region.
The Sotheby's International Realty network currently has more than 22,000 affiliated independent sales associates located in over 960 offices in 72 countries and territories worldwide. In 2017, the brand achieved a record global sales volume of $108 billion USD. Tera Sotheby's International Realty listings will be marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm's brokers and clients will benefit from an association with the Sotheby's auction house and worldwide Sotheby's International Realty marketing programs. Each office is independently owned and operated.