IRVINE, CA and SHANGHAI— "Over $48 billion in foreign capital was invested in US commercial real estate in 2014, and China was second only to Canada in the amount of CRE investment," says Jeffrey Frieden, Auction.com's CEO and co-founder. “Our strategy has always been to leverage the global reach of the Internet to deliver the largest number of prospective buyers for our sellers. [Juwai.com] will help us effectively target Chinese-speaking investors in mainland China, Hong Kong, Singapore and even in the US." Investors in China will be able to view US real estate listings from Auction.com advertised on Juwai.com in Chinese. This will allow Juwai.com's 2.6 million monthly Chinese-speaking users access to these listings. With headquarters in Shanghai, Juwai.com reaches users in mainland China as well as around the world, according to a prepared statement. In addition to the ability to view US listings, Juwai.com will use its team of 15 journalists to create content that will help to educate Chinese consumers on the real estate auction process. The partnership will focus on commercial properties at first, with the expectation to add residential homes due to the high level of interest in US residential properties from Chinese buyers. In efforts to expand its global reach; Juwai.com has signed similar international partnerships with LuxuryPortfolio.com, LuxeryHomes.com and The Real Estate Channel. Additionally, Juwai.com has partnered with China's No. 1 finance website, jrj.com, and popular luxury shopping site VIP.com—among others. Simon Henry, co-CEO of Juwai.com, expects the partnership will open up new opportunities to potential Chinese buyers that were previously unavailable to them, he states, "Real estate auctions are new to most Chinese, and we believe they will embrace this new opportunity when they learn more about it.” This partnership comes almost simultaneously with Auction.com's announcement of its new Commercial Real Estate Financing Portal, which enables investors to apply for financing on qualified assets quickly and efficiently via the firm's site.
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