Chinese private equity fund Huasheng Capital has lead a $926 million (RMB 6 billion) in online real estate platform Lianjia, also known as Homelink, which is based in Beijing.
Internet giants including Tencent Holdings and Baidu Inc also joined the funding round as strategic investors, the company says.
Lianjia, which operates Lianjia.com, focuses on rental and second-hand real estate transactions. It says proceeds of the latest capital raising will be used for acquisitions and to continue its transition to an Internet company.
Having begun its fundraising process in late 2015, Lianjia currently holds a 7 per cent market share of China's online and offline real estate services market.
Having begun in Beijing as a bricks and mortar business in 2001, Lianjia expanded to 5,000 outlets across 24 cities in China by October of that year.
The company moved online with a database comprising data for 56 million property units, and expects transactions initiated on its platform to rise 67 per cent from last year to at least 1 trillion yuan (RMB695.87 billion) by 2017, according to a report by the state-run Chinese People’s Daily.
Lianjia also lent about 300 million yuan worth of down payments through its online lending platform as of the end of February. In 2015, the company completed total transactions to the value of RMB700 billion.
CBInsights valued Lianjia at $6.2 billion in this round of funding.