Harrods Estates has targeted what will soon be the largest group of international buyers in London by signing an agency-wide partnership with Juwai.com, the No. 1 Chinese portal for international property.
This announcement comes in the wake of similar recent partnerships between Juwai.com and idealista.com in Spain, Italy and Portugal; RE/MAX in Australia, New Zealand and Portugal and Luxury Portfolio International® in the US and globally.
Under the terms of the new agreement between the two companies, Harrods Estates' listings will be marketed in Chinese by Juwai.com.
Harrods Estates' agents will also be able to upgrade their office and agent branding on Juwai.com, as well as their listings. Available upgrades include luxury branding, additional agent profiles, additional translation services, email direct marketing, Chinese-language property brochures, advertorials and Feature Property listings.
Chinese investment in London property has increased over 1500% since 2010 to a new total of more than £1 billion per year. Chinese also buy 27% of new London homes and account for 17% of the total value of all residential property transactions in London. An estimated 60% of purchases are investments, while 40% are for occupation.
Juwai.com has been since 2011 the No. 1 website for Chinese who are buying property outside of China. It markets 2.4 million listings in 53 countries to a monthly audience of 1.5 million. 82% of its users are mainland Chinese.
Shirley Humphrey, Director of Harrods Estates said: "There are 643,000 millionaires in China, with 14% more being added to that number each year. Chinese are perhaps the most motivated and numerous wealthy foreign buyers of London real estate.
"This agreement with Juwai.com will help our agents win more listings and sell more property. This is an investment in the success of our agents and their clients. We want to leave no stone unturned in helping them get the best price for their property."
Juwai.com Co-CEO Simon Henry said: "Chinese buyers already know and trust the Harrods brand name, which will make it easier for Harrods Estates to make itself an estate agency of choice for high net worth Chinese seeking property in London's best neighborhoods.
"Our experience shows that sellers seek out agents who can give them access to Chinese buyers, and that trend will benefit Harrods Estates."