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Midland to bow out of Shanghai real estate market
By Cao Qian |
May 5, 2011, Thursday
|
Online Edition
Online Edition
HONG KONG-BASED real estate agency Midland Holdings is set to close all its Shanghai outlets by the end of this month as the company plans to quit the city's second-hand home brokerage business.
Midland, which currently operates eight outlets across the city, will still keep its head office on Sichuan Road N. to seek other opportunities such as new home brokerage service.
Its move to shut all its Shanghai branches is a "strategic" decision made by the Hong Kong headquarters, the Oriental Morning Post cited Ding Wei, Midland's vice general manager for Shanghai, as saying. A phone call to Ding yesterday went unanswered.
Midland once operated more than 50 branches across Shanghai during its heydays in 2007, but began to cut its size gradually in recent years as business contracted.
"One of Midland's biggest problems that led to its current plight is poor management," said Song Huiyong, research director of Shanghai Centaline Property Consultants Ltd, another Hong Kong-based estate chain and the city's largest in terms of transaction value.
"All major decisions on local operation must be made at its Hong Kong headquarters and this management model would surely prevent it from adapting swiftly to market changes, which is vital to realty business," Song said.
Midland, which currently operates eight outlets across the city, will still keep its head office on Sichuan Road N. to seek other opportunities such as new home brokerage service.
Its move to shut all its Shanghai branches is a "strategic" decision made by the Hong Kong headquarters, the Oriental Morning Post cited Ding Wei, Midland's vice general manager for Shanghai, as saying. A phone call to Ding yesterday went unanswered.
Midland once operated more than 50 branches across Shanghai during its heydays in 2007, but began to cut its size gradually in recent years as business contracted.
"One of Midland's biggest problems that led to its current plight is poor management," said Song Huiyong, research director of Shanghai Centaline Property Consultants Ltd, another Hong Kong-based estate chain and the city's largest in terms of transaction value.
"All major decisions on local operation must be made at its Hong Kong headquarters and this management model would surely prevent it from adapting swiftly to market changes, which is vital to realty business," Song said.
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