Chinese internet company ByteDance, owner of short-video app TikTok, has purchased a 20% stake in Beijing Maitian Real Estate Brokerage, signaling their latest foray into the China property rental market, reports Caixin. The move comes after ByteDance successfully acquired a real estate broker’s license in late September through a wholly owned subsidiary taking a 100% stake in Beijing Fuwang Real Estate Agency.
Last week, Chinese online outlet The Paper reported that ByteDance was in discussions with investors on a cash infusion to spin off its real estate listings and deals service Xingfuli, and have it operate alongside TikTok and news platform TouTiao. The spinoff will help the Beijing tech giant streamline its operations and focus on core businesses as growth slows, the report said.
The stake in Maitian could help ByteDance expand Xingfuli’s offline store operations. Maitian offers real estate rental and sales services to high-end customers from more than 900 company-run outlets in Beijing and the coastal cities of Fuzhou and Xiamen in Fujian province, according to its website.