PARSIPPANY, N.J.--(Business Wire)--Sotheby's International Realty Affiliates LLC today announced it
has signed an exclusive 25-year licensing agreement with Indochina
Land to develop the Sotheby's International Realty(R) brand in
Vietnam, with its first office set to open in April 2008.
According to Michael R. Good, president and chief executive
officer, Sotheby's International Realty Affiliates LLC, Vietnam is an
attractive market for the brand and an important step forward in its
overall international growth plans. "Vietnam's gross domestic product
has increased approximately 8 percent annually for the last three
years, and it has a projected growth of 8 to 8.5 percent over the next
several years, second only to China in the Asia Pacific region. In
addition, luxury development projects in the area are booming."
The Sotheby's International Realty network has more than 8,500
sales associates located in more than 450 offices in the U.S. and 27
other countries and territories.
"Indochina Land is uniquely qualified to combine the best of
western business practices with local knowledge and experience," said
Good. "They are led by a seasoned executive team and two American
founders who have been operating in Vietnam for 15 years. During this
time, they have developed an unrivaled breadth and depth of knowledge
regarding how to do business in Vietnam."
Indochina Land, the real estate subsidiary of Indochina Capital,
is a developer of more than $1 billion in real estate projects
throughout Vietnam, covering all property types from residential,
retail and commercial, resorts and hotels, to industrial properties.
Most developments include either a stand-alone or integrated high-end
residential component. In addition, Indochina Capital also has a
separate Equities division which manages a publicly-traded equities
fund on the main board of the London Stock Exchange.
"Indochina Land's experience in developing, promoting and selling
quality luxury residences in Vietnam, combined with the international
renown of Sotheby's International Realty brand as the world's premium
luxury property marketer, creates a perfect fit for this region," said
Peter Ryder, chief executive officer, Indochina Capital and Indochina
Land. "Vietnam is a newly discovered gem for discerning clientele who
are looking for that unique property in Asia where security of tenure,
quality and value are all assured."
About Sotheby's International Realty Affiliates LLC
Founded in 1976 to provide independent brokerages with a powerful
marketing and referral program for luxury listings, the Sotheby's
International Realty network was designed to connect the finest
independent real estate companies to the most prestigious clientele in
the world. In February 2004, Realogy Corporation, a global provider of
real estate and relocation services, entered into a long-term
strategic alliance with Sotheby's Holdings, Inc. The agreement
provided for the licensing of the Sotheby's International Realty name
and the development of a full franchise system by Realogy's
subsidiary, Sotheby's International Realty Affiliates LLC.
Affiliations in the system are granted only to brokerages and
individuals meeting strict qualifications. Sotheby's International
Realty Affiliates LLC supports its affiliates with a host of
operational, marketing, recruiting, educational and business
development resources. Franchise affiliates also benefit from an
association with the venerable Sotheby's auction house, established in
1744. For more information, visit www.sothebysrealty.com.
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MEDIA
Sotheby's International Realty Affiliates LLC
Jennifer Zimmerman, 973-407-6375
Director, Public Relations and Communications
Jennifer.Zimmerman@sothebysrealty.com
or
Indochina Capital
Tony X. Diep, (84 4) 930 6399
Director
tony.diep@indochinacapital.com
Copyright Business Wire 2008
