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Tencent-backed Beike mulls US$1b IPO

Hong Kong

BEIKE Zhaofang, a Chinese online property brokerage platform backed by Tencent Holdings, is considering an initial public offering that could raise at least US$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 has not decided on the venue.

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

Beijing Homelink Real Estate Brokerage, also known as Lianjia, is one of China's biggest realtors. It launched Beike in 2018 as its online platform for property brokerage.

Details of Beike's offering could still change as deliberations are at an early stage, the people said. BLOOMBERG