Tue, Jan 03, 2012 - Page 12 News List

Sinyi Realty announces expansion plans

By Crystal Hsu  /  Staff Reporter

Sinyi Realty Inc (信義房屋), the nation’s only listed real-estate broker, aims to strengthen its business in central and southern Taiwan this year after a special sales levy chilled housing transactions in Greater Taipei last year, company chairman Chou Chun-chi (周俊吉) said yesterday.

“Despite the sluggish housing market, Sinyi Realty plans to hire 3,300 more employees and open 46 new offices this year,” Chou said in a statement.

That would increase the total number of outlets by 12 percent to 426 nationwide, from the current 386, Chou said, adding that Sinyi will shift more resources to facilitate expansion in central and southern Taiwan.

“While the company cannot -determine the course of the economy, it can set goals for its own health and strength,” Chou said. “We aim to increase our market share despite the slowdown.”

To enhance its corporate image, Sinyi announced the establishment of a corporate ethics office headed by Chou and devoted to promoting fair and honest real-estate transactions, the statement said.

The establishment of the ethics office came after the legislature enacted a bill requiring all buyers and brokers to register housing transaction details online.

Chou said he welcomed the transparency requirement that is aimed at curtailing unfair price manipulations.

H&B Realty Co (住商不動產), the nation’s largest broker by number of outlets and a member of Sinyi Group, plans to add 100 new -outlets this year, bringing the total to 555, Chou said.

Together, Sinyi Realty and H&B Realty aim to increase the group’s market share in Greater Taipei to 20 percent this year, from 15 percent last year, the group’s chief strategy officer Howard Chou (周莊雲) said.

Furthermore, the group intends to lift its market share in the rest of the country from the current 9 percent to 12 percent this year, Howard Chou said.

The housing market may see a modest rebound after the Jan. 14 presidential and legislative elections, Howard Chou said.

A strong recovery in the sector is unlikely given the government’s continued efforts to rein in housing prices, Howard Chou said, adding that the chance of a drastic price correction is equally slim, unless Europe’s debt problems worsen.

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