Sotheby’s International Realty terminates franchise agreement with Sino Gateway
Statement says firm is ‘disappointed to learn of the legal matters involving [Gateway offshoot] Hong Kong Homes’
Sotheby’s International Realty, the New Jersey headquartered estate agency franchise, has terminated its agreement with Hong Kong partner Sino Gateway, after claiming the latter was involved in “legal matters” over its ability to sell properties overseas.
“Effective August 26, 2016, we terminated our franchise agreement with Sino Gateway that previously did business as Hong Kong Sotheby’s International Realty,” Sotheby’s said in a written email to the South China Morning Post on Tuesday.
Sotheby’s said it had terminated the agreement as it was “disappointed to learn of the legal matters involving Hong Kong Homes.” It did not elaborate.
Sino Gateway is owned by veteran property agent Samson Law, who also owns another agency called Hong Kong Homes, which specialises in selling overseas properties to Hong Kong buyers.
Hong Kong Homes was the marketing agent promoting a number of uncompleted properties in Manchester to Hong Kong buyers two years ago.
But some of the projects failed to be completed according to schedule, triggering angry buyers to report the case to the Hong Kong police.
In June, a group of 60 buyers protested outside Wan Chai police headquarters, calling for an investigation involving the unfinished presale properties Manchester and Bradford.