Tencent to buy into property services company

Tencent Holdings (0700.HKG) agreed to acquired a 15% stake in property services firm Leju Holdings for US$180 to better compete against rival Alibaba, The Wall Street Journal reported. The internet company’s flagship messaging app, Wechat, could help attract more smartphone users to Leju’s services, which include mobile apps and payment mechanisms for real-estate buyers and property agents. That, in turn, would draw users to Tencent’s payment-related services. This deal follows a spate of acquisitions by both Tencent and Alibaba as they try to offer internet services to mobile users, who prefer to access the web through smartphones instead of personal computers.