The Cambodian real estate portal Realestate.com.kh has entered into a strategic partnership with the leading Chinese real estate portal Beike.
The deal between the two will initially see Beike's in house virtual reality technology Realsee shared with Realestate.com.kh and is expected to evolve into a more wide-ranging partnership including sales and marketing over time.
While Beike, and its internal VR technology division Realsee, are owned by publicly-listed Chinese real estate giant KE Holdings, Realestate.com.kh is owned and operated by the Australian-headquartered Digital Classifieds Group which also runs real estate portals in Laos, Fiji and Papua New Guinea.
Commenting on the partnership, Realestate.com.kh CEO, Tom O'Sullivan said:
“Realestate.com.kh and Beike have the vision to transform the property ownership experience leveraging technology, and Beike are the clear global leaders in this endeavour. This world-first partnership will bring tangible improvements for property seekers on the Realestate.com.kh platform, ultimately bringing huge benefits to our real estate agent and property developer customers. It will also help Beike better understand the Cambodian market and allow Realestate.com.kh to gain valuable experience from a global PropTech leader. We are very much looking forward to working together.”
Beike's Brett Hartley-Wilson said of the partnership:
“The partnership represents a unique opportunity to accelerate the digitisation of real estate services in emerging markets by tapping into DCG’s near unmatched reach across the Asia-Pacific. Placing technology and transparency at the core of property transactions and is fundamental to both companies’ business models. We are excited to see this partnership develop.”
Beike's Realsee technology was first developed as a VR lab back in 2015 and really exploded in popularity in 2018 with the launch of ke.com with company sources saying that 70% of all listings (85%+ in tier one cities) are captured using VR and that Realsee already has well over 15 million buildings captured on the platform.