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PropNex to take over agents from China Real Estate unit

It says latest industry consolidation will give it 'greater strength in marketing major projects'

Nisha Ramchandani

Published Wed, Feb 20, 2019 · 09:50 PM

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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