ByteDance to foray into China's rental housing market despite tough regulations

ByteDance to foray into China's rental housing market despite tough regulations

FILE PHOTO: TikTok logos are seen on smartphones in front of a displayed ByteDance logo in this illustration taken Nov. 27, 2019. REUTERS/Dado Ruvic

ByteDance Inc., the owner of the global short-video sharing sensation TikTok, is gearing up to enter China’s highly regulated rental housing market after obtaining a real estate broker’s licence and making other recent moves that could help it compete against established real estate portals.

ByteDance, which has been working to diversify its revenue by expanding into gaming, education, health care and hardware, is entering a property market where national and local regulators are tightening oversight after high-profile collapses with developers unable to repay their debts.

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