China’s online property brokerage platform Beike mulls $1b IPO in 2020

Commercial buildings including the China Central Television (CCTV) Headquarters, center, stand in the central business district of Beijing. Photographer: Tomohiro Ohsumi/Bloomberg

Beike Zhaofang, a Chinese online property brokerage platform backed by Tencent Holdings Ltd., is considering an initial public offering that could raise at least $1 billion, people familiar with the matter said.

The company is working with an adviser for the potential share sale, said the people, who asked not to be identified as the discussions are private. The listing could take place as soon as in 2020, while the company hasn’t decided on the venue, the people said.

Beike’s potential share sale could come after the listing of Fangdd Network Group Ltd., a Chinese online real estate broker backed by FountainVest Partners, raised $78 million via a downsized U.S. IPO in November.

Beijing Homelink Real Estate Brokerage Co., also known as Lianjia, is one of China’s biggest realtors. It launched Beike in 2018 as its online platform for property brokerage. Beike, which means shells in Chinese, aims to serve more then 200 million households in more than 300 cities in China, according to its website. Beike raised about $800 million from Tencent in a funding round this year.

Details of Beike’s offering could still change as deliberations are at an early stage, the people said. A representative for Lianjia referred questions to Beike, whose representative declined to comment.

Bloomberg

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.