PropNex to take over agents from China Real Estate unit
It says latest industry consolidation will give it 'greater strength in marketing major projects'
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Nisha Ramchandani
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Singapore
CONSOLIDATION in the real estate agency industry continues, with PropNex Realty entering into a strategic collaboration with a wholly-owned indirect unit of China Real Estate Grp (CREG) which will see it absorbing salespeople from Global Alliance Property (GAP).
GAP - which operates under the Century 21 franchise - will discontinue its real estate agency business, with its sales staff transferring to PropNex, which has a current sales force of over 7,500. SGX-listed CREG will continue to forge ahead with real estate development in China.
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