ByteDance, the tech unicorn behind global hit short video app TikTok and its Chinese sibling Douyin, has disposed of its bricks-and-mortar real estate agency, taking a step back from China’s property industry amid continued weakness in the country’s housing market, reports the South China Morning Post. Fujian Haofang Youxing Information Technology Co—a ByteDance subsidiary that operates roughly 200 offline brokerages in Fuzhou, capital of southeastern Fujian province—has been sold for an undisclosed amount to Fuqing Wumai Corporate Management Co, a unit of major Chinese real estate services provider Maitian, according to a change of the company’s registry in late April tracked by business data provider Qichacha.
At the same time, the legal representative of Fujian Haofang, Wang Fengkun, who is also the tech director of ByteDance’s advertising platform, was replaced by Liu Chenglin, a Maitian manager in Fuzhou.
Following those moves, ByteDance over the weekend acquired for an undisclosed sum a 7.5% stake in Maitian’s main entity Maitian Holding (Beijing) Co, according to company registry records.
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