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Report: Tencent-backed Chinese property online broker mulls US$1B IPO

Chinese online property brokerage platform Beike Zhaofang is mulling an IPO, seeking at least US$1 billion, Bloomberg News reported, citing people familiar with the matter.

While the venue for the listing is still to be determined, the unnamed sources noted that the Tencent Holdings Ltd.-backed company's initial offering could take place as early as 2020.

Beijing Homelink Real Estate Brokerage Co. Ltd., which is also known as Lianjia, launched Beike Zhaofang in 2018, the Dec. 18 report added.

According to reports in March, stakes in Beijing Homelink of investors including Tencent, China Vanke Co. Ltd. and Sunac China Holdings Ltd. were transferred to Beike Zhaofang in the form of an US$800 million investment as part of the preparation for the real estate agency's listing.