Australian Juwai.com and Chinese tech giant Tencent launch new property website
Australian-made Chinese property website Juwai.com has firmed up a partnership with China’s largest internet and social media group, Tencent, to launch a new global real estate website for Chinese web users.
The new site, haiwai.house.qq.com, is an international property channel hosted on Tencent’s powerful social media application QQ. It also uses Tencent’s other popular social media application Wechat to advertise the listings on the site.
Together, QQ and Wechat have 800 million users. Tencent is worth $225 billion.
Under the agreement, secured at the end of last month at the annual Real Estate Summit in Beijing, Juwai.com would add some of its 2.5 million international listings to the new site.
“By increasing the number of people who view Australian and other international property online, we are likely to see an increase in buyer inquiries and ultimately transactions,” Juwai.com chief executive Charles Pittar said.
Tencent Real Estate general manager Yu Kai said: “The goal here is to further empower Chinese buyers and to assist international property marketers. We hope that will lead to more transactions, too.
“This partnership with Juwai.com will provide our users with information on overseas buying, listings, and related services.”
‘Demand is not decreasing’
Last year, some local agents and marketers observed a slowdown in Chinese buyers in Australian real estate due to the clampdown of bank foreign lending and increase in stamp duty and land tax surcharges.
But Juwai.com said there had been no decrease in the number of Chinese buyers interested in Australian properties despite the new rules, prompting the company to forge forward with the new website.
Mr Pittar said: “Last year in Australia we sent properly marketers 34 per cent more buyer inquiries than in 2015. Demand is not decreasing; demand is increasing.
“To be clear, we have experienced an overall Chinese buyer demand increase in Australia, although there has been some shifting among property types and locations.
“Whether Australia captures a large share of that growth depends on local market conditions and policy choices by Australian governments.”
Juwai.com, which is also looking to list on the Australian Securities Exchange, will develop the technology for the new website as well as managing inquiries to listings on the site.
The company, founded by Australians Andrew Taylor and Simon Henry, have not revealed details of fees and earnings for the new partnership, which could go head to head with another recently launched Australia-linked Chinese website, Sodichan.com.
Sodichan is the joint venture effort of Melbourne-based Chinese website ACProperty.com.au and Swiss group Listglobally.com, which has links to former realestate.com.au founder Simon Baker.