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Report: Tencent, China Vanke, Sunac exit Lianjia as Chinese broker plans IPO

Beijing Homelink Real Estate Brokerage Co. Ltd.'s shareholders decreased to 15 from 37 following the exit of 22 investors including Tencent Holdings Ltd., China Vanke Co. Ltd., Sunac China Holdings Ltd., Baidu Inc. and New Hope Group Co. Ltd., Caixin Global reported, citing Tianyancha data.

Analysts cited by the news platform said the shareholder reduction is most likely part of the Chinese real estate agency's preparation for a public listing of a subsidiary. Unnamed sources also told Caixin that the former investors' stakes in Beijing Homelink, also known as Lianjia, were transferred to the company's Beike Zhaofang subsidiary.

Amid the transition, Beike Zhaofang secured US$800 million from Tencent Holdings-led investors. No further details were released regarding the online real estate brokerage subsidiary's latest funding round, but the March 26 report cited an unnamed Beike employee that it might be related to the company's plan to raise 12 billion yuan to support its business expansion.

The planned fundraising will give Tencent Holdings as much as a 4.47% shareholding in the online broker is aiming to achieve an approximately 120 billion-yuan valuation.

As of March 26, US$1 was equivalent to 6.71 yuan.