Eastern Realty to open store in Jiangsu province

By Kuan-lin Liu, The China Post

TAIPEI, Taiwan — Eastern Realty took its first step into the Chinese real estate market on Tuesday, inking a deal to link up with ShangSen Real Estate Marketing Planning Co., Ltd.

The collaboration, which Eastern Realty Chairman Wang Ying-chieh (王應傑) said was nearly two years in the making, allows the Chinese real estate company to operate stores under the Eastern Realty brand in China.

It is ShangSen Real Estate General Manager Peter Lin’s (林成華) plan to open the first Eastern Realty store in China’s Kunshan City, Jiangsu Province in April before expanding to 10 stores in the next three years and 100 stores in the next five years.

In his speech, Lin underscored the ideological similarities between the two companies, which he said made this the right collaboration.

“The principles of trust, professionalism, lawfulness, and local management that Chairman Wang has been promoting in the past few years are in line with our values.”

He said the Eastern Realty brand, “which holds its own weight in China,” would allow ShangSen Real Estate to differentiate itself from other real estate firms in mainland China.

For Eastern Realty, the offer to expand into mainland China was one of many, according to the company’s chairman.

What set this one apart, besides shared ideologies, was that Lin himself is a Taiwanese national who used to serve as a broker for Eastern Realty. This was a key factor that tilted the balance in ShangSen Real Estate’s favor, with Chairman Wang ultimately deciding to work with the Chinese firm at the end of last year, Eastern Realty said. In addition to its current expansion plans into mainland China, Eastern Realty’s international real estate center is reportedly planning to foray into Malaysia and Cambodia in the first half of this year.