TikTok parent company ByteDance has made many prior moves into the real estate business. Since last year, 15 real estate brokerages had been set up in Beijing, all of which are managed by a company where an employee of ByteDance in strategic analysis serves as an executive, according to local media outlet Tech Planet.
In addition, following the offline real estate agency “Xiaomai Real Estate”, ByteDance intends to build another brand in the field named “Qiuhe Real Estate” for the western region of China, but these stores will feature an orange-colored theme to set them apart from their Beijing counterparts. A subsidiary of ByteDance has already applied to trademark the name “Qiuhe Real Estate”.
ByteDance now offers a range of products and services in its real estate line up, including its comprehensive real estate information platform “Xingfuli”, an offline housing broker “Xiaomai Real Estate”, and one-stop home decoration platforms “Zhuxiaobang” and “Zhuhaojia”.
In 2023, ByteDance will continue to increase its investment in the real estate and home decoration businesses by creating more sub-brands and increasing housing transaction volumes.
As the country recovers from the epidemic, the domestic real estate market is gradually coming alive. In February, the National Bureau of Statistics released the latest housing price index, which showed that in January, more cities witnessed a month-on-month increase in sales price of commercial housing.
A broker working for “Xiaomai Real Estate” said, “Recently, the number of people viewing houses has increased significantly. After the Spring Festival holiday, some stores in the urban area of Fuzhou, Fujian Province, saw more than 100 customers on the weekends or holidays, and the number of second-hand house viewers has increased compared with last year.”
An operator at “Xingfuli” added, “Thanks to the recovery of the market, the real estate market booming. At present, many Internet giants, such as Kuaishou, Taobao and JD.com, have invested in the real estate trading sector. Moreover, selling houses online is still in the early stages.”