Earlier this fall, Robert Pong, Global Advisor China with Realogics Sotheby’s International Realty, embarked upon a multi-leg tour to Asia to attend events hosted by Taiwan Sotheby’s International Realty and the Sotheby’s auction house Hong Kong, and share some of the exciting new development projects that will soon grace the Seattle skyline. Pong, who is an integral member of the firm’s Asia Services Group, also met with high-profile clients regarding their global investment portfolios. After recovering from the weeks-long trip, he shared his key insights with RSIR.
The first stop was the 2018 Worldwide Property Summit hosted by Taiwan Sotheby’s International Realty. Brand affiliates from around the world were in attendance, including United States representatives from Seattle, New York, Dallas, San Francisco, and Los Angeles; European representatives from England and Italy; Australian representatives from Sydney and Brisbane; and affiliates from New Zealand, Japan and Hong Kong.
Pong (far right) attends the 2018 Worldwide Property Summit hosted by Taiwan Sotheby’s International Realty.
The two-day event was part exhibition and part forum, which covered asset management, financial planning, and overseas investment. With so many Sotheby’s International Realty® affiliates in one place, it was a great opportunity for those seeking diversification and those with a desire to stake claim in international trophy properties.
“It was a well-attended event with great local media coverage and investor sessions,” reflected Pong, who shared some of RSIR’s new construction condominium projects in downtown Seattle. “Asia continues to be a good investor pool source for real estate properties around the world.”
Guests experience projects from around the world using virtual reality technology.
Next, Pong jetted to the Sotheby’s auction house in Hong Kong for an Asian arts focused auction in which several pieces achieved record sales prices in the billions (HK$). The event took place at the Hong Kong Convention Center, a world-famous venue for major events and conventions. Pong was glad to see a number of Sotheby’s International Realty affiliates and corporate executives and owners at this event, showcasing their luxury properties to auctioneers. He visited with a number of brokers during the show and auction, learning about their respective markets and businesses, and sharing insights on the Seattle Metropolitan Area.
The Sotheby’s Asian Arts Auction held at the Hong Kong Convention Center commanded record-breaking sales prices on a number of pieces.
Pong’s third stop was the Tera Sotheby’s International Realty office in Shanghai, where he met with the executive team. The brand announced in September 2018 that it was expanding into Shanghai, a strategic location as it is a major international city and the financial center of China.
“As one of the key cities in mainland China, the expansion into Shanghai allows the Sotheby’s International Realty® brand to have a strategic presence in the market,” Philip White, president and chief executive officer of Sotheby’s International Realty Affiliates LLC, said in a statement. “The Chinese buyer is a global consumer and with Shanghai being the second-most populated city in the world, we are strengthening the brand’s foothold in Greater Asia. We proudly welcome Tera Sotheby’s International Realty to our global network.”
Finally, Pong made visits to several VIP clients that are in the business of real estate development and artificial intelligence technologies targeting the real estate industry. China’s restrictive monetary policy is still in effect, however the desire to move money overseas is still strong among many Chinese investors. According to Pong, many are holding patient until policy changes, but for now, it’s a waiting game.
“Asia still is and always will be a major powerhouse for real estate investment of all types around the world as real properties remain a top choice within their investment portfolios,” Pong added. “With nearly 1,000 Sotheby’s offices around the world with strong local knowledge and resources, this makes our firm an instinctive choice for investors to carry out their investments. I am honored to be associated with this brand and am confident we will continue as the premier choice for distinctive clientele.”