zerohedge.com / by Tyler Durden / Apr 18, 2017 11:33 AM
While extolling the virtues of American consumers and praising the US economy, Warren Buffett has started seeking the help – and funds – of Chinese oligarchs to sell houses from his real estate brokerage HomeServices. According to Bloomberg’s Berkshire’s real estate brokerage, HomeServices – currently the second-largest U.S. residential real estate brokerage – acquired as part of Buffett acquisition of an energy business, “is expanding its global reach with a push to attract wealthy Chinese citizens to purchase homes in the U.S”, in the process diverting “hot” Chinese money to the US (see Vancouver and Toronto for the outcome).
As Bloomberg reports, HomeServices has been expanding under Buffett by opening new locations, forming a 2012 venture to expand licensing operations and then working to capitalize on demand from non-U.S. buyers. The unit hired Realogy’s Peter Turtzo in 2015 to push into international markets and recruited Mitchell Lewis from Christie’s International Real Estate in September to build operations in Europe, the Middle East and Africa.
As a result, on April 17 Buffett’s HomeServices announced an agreement to advertise its U.S. homes on Juwai.com, which attracts about 2 million visitors a month. The portal hosts sites on both sides of China’s “great firewall,” meaning consumers can access the information inside the nation from more than 400 cities and also from more than 160 other countries, according to a statement Monday.
The post Warren Buffett Now Selling US Houses To Chinese Oligarchs appeared first on Silver For The People.