Zillow helps bring U.S. property listings to homebuyers in China
Chinese spent $11B on U.S. properties in 2013
Zillow (Z) is expanding its reach into East Asia by entering an exclusive partnership with Beijing Yisheng Leju Information Services, an affiliate of E-House Holdings Limited (EJ), a leading real estate services company in China, to power Leju’s U.S. home shopping experience.
Leju visitors who search for American properties will be brought to a Zillow-Leju co-branded website whereby they will have access to Zillow’s home search experience, housing data, home listings, and unique pre-market inventory.
The co-branded site will be translated into Chinese and operated by Zillow.
“We’re excited to announce this exclusive partnership with Leju,” said Errol Samuelson, Zillow Chief Industry Development Officer. “Brokers and agents with listings on Zillow are now able to reach Chinese home shoppers who are ready to invest in the U.S. market, with no additional cost or effort..”
Chinese buyers spent more than $11 billion on U.S. properties, and on average, spent $425,000 on a home - with 69% of purchases reported as all-cash purchases.
“We’re thrilled to provide Leju visitors with Zillow’s unparalleled real estate search experience,” said Geoffrey Yinyu He, Leju’s CEO. “Many of our more than 60 million users are interested in U.S. properties and now they will not only have access to information on U.S. homes that they can’t find anywhere else, but they’ll also have the ability to quickly connect with a local real estate expert who can help them through the home buying process.”
Financial terms of Zillow’s first international partnership were not disclosed.