TikTok Owner ByteDance to Spin Off Real Estate Listings Business

November 24, 2021
Share this Post: 

ByteDance, the owner of the popular mobile app TikTok, plans to spin off its real estate listing business as part of an ongoing company restructuring.

According to a Bloomberg report, the Chinese company is in talks with external investors to raise capital to spin off its Xingfuli real estate listings business and take on the likes of Anjuke, Beike and Fang.

Xingfuli is a mobile-app based real estate listings platform launched in 2018 and acquired by ByteDance a year later. The listings from Xingfuli are promoted across ByteDance's popular Jinri Toutiao content aggregation app in much the same way as listings from other portfolio apps (ByteDance owns apps working in many different verticals from healthcare to cars).

The move comes as ByteDance looks to overhaul its corporate structure and establish itself as a more westernised company as Chinese authorities have been cracking down on monopolistic behaviour and personal data abuse.

ByteDance founder Zhang Yiming actually started a real estate listings business in 2009 named Jiujiufang from which he resigned as CEO in 2011.

The move to spin off the company's real estate business comes as several of Xingfuli's competitors feel the effects of China's burst primary real estate bubble. Since the threat of a default for the country's largest developer Evergrandein September, portal companies including Beike parent company KE Holdings and FangDD have reported severely impacted revenues.

November 24, 2021
Since March 2020 Edmund's job has been to read about, write about, collect data on, analyse and generally know about real estate marketplaces and the companies that run them. Before that he worked at the aggregator Mitula Group (which became Lifull Connect) for five years.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Proptech Funding Roundup
DRAFTPropTech Funding Roundup: OYO, Rent2Cash, Stake, Atlas, Badi, Findigs, Sonder, ResVR

Cheques are being signed. Here are the notable investments we've spotted in the past couple of weeks...   OYO close...

Read More
People Roundup 20 June 2024
People Roundup: CoStar Group, Holo, Dubizzle and OLX

This week's people roundup is finance-heavy, with two CFO appointments coming out of Asia and the United States.   CoStar...

Read More
Aggregators Article Hero Imaghe
What Are Real Estate Aggregators and Are They About to Disappear?

Looking back at the talking points from Property Portal Watch 2010 it seems that classifieds aggregators caused a stir in...

Read More
Houseful Rebrand
Houseful (Zoopla) Launches "Movemnt" Transaction Infrastructure for Property Professionals

Houseful has launched "Movemnt", a free-to-use national home transaction infrastructure for all estate agents, conveyancers, mortgage lenders, and brokers. Movemnt joins...

Read More

Editor's Pick