“Chinese Craigslist” 58.com acquires real estate site Anjuke for $267 million

According to Sina Tech, Chinese Craigslist-style site 58.com has acquired Chinese real estate portal Anjuke for US$267 million.

58.com, which IPO’ed on the NYSE in 2013 and took in a major investment from Tencent in late 2014, is a C2C ecommerce and listings site not unlike Craigslist. It already features real estate classifieds, but the company apparently wants to bolster its presence in that sector with its acquisition of Anjuke, a real estate listings site.

Anjuke’s team, app, and site will be left more or less as-is, continuing operation as its own brand. 58.com also plans to issue limited value shares of stock to the Anjuke team as a form of reward following the successful acquisition. Anjuke founder and CEO Liang Weiping will stay on in an advisory capacity, but 58.com VP Zhuang Jiandong will be taking the reigns of Anjuke, and Liang is reportedly planning another startup.

(Source: Sina Tech)