Chinese classifieds giant 58.com launches MLS for new home sales

One of the leading online classifieds in China, 58.com, has launched an MLS for new homes with a goal to consolidate its market share

The company, which gains most of its earnings from the real estate listing sector, launched its platform called the Prime Multiple Listing Service (PMLS), in cooperation with the real estate consulting firm Tospur and property service provider WorldUnion. 

The platform is currently targeting only new homes sale, which takes over half of China's property sales, according to recent figures released by the National Bureau of Statistics (NBS). It was founded to better align real estate brokers with developers, according to Michael Jinbo Yao, CEO of 58.com Inc. 

In recent years, home buyers have been increasingly opting for information online, instead of going to the sales center of new estates for face-to-face contact with in-house realty professionals, as the home-buying trend in China gradually relies on the internet, he said. 

"Moreover, potential home buyers, especially in first-tier cities like Beijing, Shanghai, Guangzhou and Shenzhen, are increasingly turning to second-hand home agents in their neighboring stores for information, who are, in turn, playing a bigger role in promoting new home sales." 

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