ByteDance Inc., the owner of 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 license 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.
Beijing Haofang Youxing Information Technology Co. Ltd., a wholly owned subsidiary of ByteDance, has quietly taken a 100% stake in Beijing Fuwang Real Estate Agency Co. Ltd., a unit of Beijing Maitian Real Estate Brokerage Co. Ltd., according to corporate information provider Tianyancha. Continue to read the full article here
