Sotheby's International to enter China property market

Sotheby's International Realty Affiliates LLC, a unit of Realogy Corp, plans to start business in China's luxury property market by the first half of next year to tap the country's growing wealth, Bloomberg reported Tuesday.

The company will focus on the first-tier cities such as Beijing and Shanghai, Bloomberg reported, citing Chief Executive Officer Michael Good of the New Jersey-based company. Sotheby's International Realty has affiliates in 45 countries and regions, including Japan, Hong Kong, Taiwan, Thailand and Vietnam in Asia.