- Briefing Your roundup of Asian tech and startup news that matter
Miguel Cordon · · 1 min readByteDance eyes funds for its property portal
“ByteDance is in discussions with external investors on a cash infusion for its Zillow-like real estate listings and deals service, aiming to spin off and create an independent business that can tap the booming Chinese market,” Bloomberg reported.
Details:
- The company launched Xingfuli three years ago, and it is now spinning off the app so that the TikTok developer can focus on its core businesses. ByteDance offers a host of other products, including news platform Toutiao and healthcare app Xiaohe.
- The report, however, did not specify how much the company is looking to raise or who the potential investors are.
Dive deeper:
- The move comes as ByteDance continues to expand its reach across various sectors this year, including delving into food delivery and music streaming. (Read: How can ByteDance’s food delivery play succeed?)
- The development also comes ahead of ByteDance’s initial public offering, which has reportedly been delayed as it waits for government approval. The listing is expected to happen in 2022.
Editing by Collin Furtado and Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
