NewSea change looms for Hong Kong brokerage industry
Leading realtors in HK feel heat as a mainland entrant targets the top three spot in one year by luring agents with attractive salary packages
The face of the real estate brokerage industry in Hong Kong will undergo a dramatic change with a mainland Chinese realtor planning to become one of the top three brands in one year by offering attractive salary packages to lure away frontline agents.
It is the first mainland Chinese operator in the past 10 years to challenge the two local operators, Midland Realty and Centaline Property Agency, after various international firms failed to enter the real estate brokerage industry in the city.
Vincent Chan Kwan-hing, the managing director heading the Hong Kong operation of the soon-to-be-launched Qfang, said agents who were only receiving as little as 10 per cent of the commission fee for every successful deal would see better returns.
"The system is unfair and fails to recognise agents' work. We will set a new benchmark in the industry by doubling the commission fee agents had received under the existing industry practice," he said.
"We want our agents to be happy to work and receive the highest return. The incentives will encourage them to work harder as well."