ByteDance Is Seeking Capital to Build China’s Answer to Zillow - Land.Net News
ByteDance Ltd. is in discussions with external investors on a cash infusion for its Zillow-like real estate listings and deals service, aiming to spin off and create an independent business that can tap the booming Chinese market.
ByteDance is seeking to raise funds and spin off Xingfuli -- loosely translated as “Happy Lane”-- as one of a growing line-up of apps alongside TikTok and news platform Toutiao, a company representative said. The spinoff will help ByteDance streamline its operations and focus on core businesses as growth slows, Chinese online outlet The Paper reported earlier on Wednesday.
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