Berkshire Hathaway’s real estate brokerage company, Berkshire Hathaway HomeServices, recently announced that it has penned an agreement with Juwai.com to advertise Berkshire Hathaway home to Chinese elite. The website operates on both sides of China’s “great firewall” and will allow Chinese consumers to more easily browse American real estate.
The agreement is the most recent of many moves Berkshire has made towards Chinese market, where Warren Buffett is already something of a pop icon and a rising star. With this arrangement, which is expected to bring Berkshire quite a bit of additional revenue, Berkshire Hathaway HomeServices listings will be available not only in China, but also more than 160 other countries.
“The Chinese have overtaken all nationalities besides Americans as the leading buyers of property in the U.S.,” Gino Blefari, chief executive officer of Irvine, California-based Berkshire Hathaway HomeServices, said in a statement about the deal.
Berkshire Hathaway HomeServices has more than 29,000 agents working across 38 realty companies. It also has an extensive real estate franchise network that employs an additional 46,000 agents in several states. The company was acquired as a small part of MidAmerican Energy and at the time, Buffett didn’t even really notice the tiny brokerage firm.
Since then, Berkshire Hathaway HomeServices has grown into a rather large network and recently has been investigating entering the international sphere with hopes to expand to Europe, Africa, and the Middle East soon.
“This is a huge differentiator for us,” said Kerry Donovan, vice president of marketing for Berkshire Hathaway HomeServices in a statement.