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ERA® MILESTONE AGREEMENT TO FUEL ERA® EXPANSION IN 19 ASIAN PACIFIC COUNTRIES AND TERRITORIES
New master franchise agreement with Singapore-based licensee paves the way for further development of offices in nine new Asian markets for ERA Parsippany, NJ (February 15, 2000) – Global real estate leader ERA Franchise Systems LLC today announced a broad agreement has been reached with Singapore-based Hersing Corporation Ltd. to develop real estate franchises throughout the Asia Pacific region. The regional master franchise agreement assigns to Hersing Corp. the exclusive ERA master franchise rights for nine countries where ERA already has a presence, namely: Brunei, Hong Kong, Indonesia, Japan, South Korea, Malaysia, the Philippines, Taiwan and Thailand. The additional nine countries to be developed through the new agreement include the People's Republic of China, Cambodia, Laos, Macau, Myanmar, Vietnam, Australia, New Zealand and Papua New Guinea. Hersing Corp. already holds the exclusive master franchise rights for Singapore. Under the agreement, Hersing Corp. will develop real estate companies in the Asia Pacific countries using the ERA brand and its system of products and services. The regional master franchise agreement is for a term of 30 years and the company has the option to renew for successive 30-year periods. "This master franchise agreement allows us to further capitalize on the tremendous business opportunity in this region and marks yet another first for the ERA Real Estate network on the Asian front," observed ERA Franchise Systems President and CEO Peter Burgdorff. "As the rest of the real estate industry realizes the need to establish a global presence, the ERA system continues to strengthen its historic position as a global leader and innovator." "The acquisition of the ERA Real Estate regional master license represents a major step by Hersing Corp. into Asia Pacific regional expansion," remarked Hersing Corp. President Jack Chua. "By capitalizing on our ERA franchise management and marketing expertise in the real estate brokerage industry, we intend to expand the company's position throughout the Asia Pacific region". ERA Franchise Systems LLC, a subsidiary of Cendant Corporation (NYSE:CD), is a global leader in the residential real estate industry with more than 25 years experience in developing consumer-oriented products and services. The ERA Real Estate network includes more than 2,600 independently owned and operated brokerage offices with more than 28,000 brokers and sales associates around the world, including more than 750 offices in Asia. ERA is available to consumers on the Internet at www.ERA.com, a member of the Move.com network.
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