CENTURY 21 Real Estate Corporation Signs Deal for Republic of Korea

Business Wire, Dec 17, 1996

PARSIPPANY, N.J.--(BUSINESS WIRE)--Dec. 17, 1996--

Master Franchise Agreement is the Real Estate Giant's Fifth in 1996 and Continues Expansion of CENTURY 21 System in Asia- Pacific

Century 21 Real Estate Corporation, master franchisor of the world's largest real estate brokerage office network, signed a master franchise agreement with Seoul-based Sunchon Corporation for the development of CENTURY 21(R) franchised real estate offices in the Republic of Korea under the name CENTURY 21 Korea.

The agreement is the brand's fifth in the last twelve months and continues the expansion of the CENTURY 21 system in Asia and the Pacific Rim, where there are more than 600 CENTURY 21 offices in six countries. In addition to Korea, master franchise agreements are in place for the CENTURY 21 System in Australia, Hong Kong, Indonesia, Japan, New Zealand and the Philippines.

Javier Parraga, vice president of international development and services, said, "This agreement represents another huge step in accelerating the growth of the CENTURY 21 system in Asia." He concluded, "The time is ripe for the CENTURY 21 System in the Republic of Korea, whose economic liberalization provides fertile ground for the development of this well-known real estate brand." CENTURY 21 Korea expects to open at least 100 real estate offices by the end of 1998.

OJ Kwon, Executive Managing Director of Sunchon Corporation, said, "This agreement represents a milestone in the way residential real estate is bought and sold in the Republic of Korea." He concluded, "Utilizing the CENTURY 21 systems and brand name, we expect to establish a dominant presence in the market."

The master franchise agreement for Korea is the fifth this year for Century 21 Real Estate Corporation, which recently concluded deals for the Caribbean, Indonesia, Israel and the Philippines. The brand expects continued accelerated growth in Asia and the Pacific Rim in 1997. Negotiations are currently underway to expand the brand into other parts of Asia, as well as South America and Europe.

Eric E. Pfeffer, President and Managing Director of the Global Services Division of HFS Incorporated, the parent company of Century 21 Real Estate Corporation, said, "It has been a banner year for expansion of the CENTURY 21 organization worldwide, including in Asia and the Pacific Rim." He concluded, "We expect continued growth in the area, from the addition of new franchised regions as well as the continuing expansion of regions already under development."

Century 21 Real Estate Corporation, a subsidiary of HFS Incorporated (NYSE: HFS), is the world's largest residential real estate sales organization, with more than 6,100 independently owned and operated franchised brokerage offices in 21 countries and territories worldwide.

http://www.c21/realty.com/hfs

CONTACT: Michael G. Frenkel

(201) 359-5725