China’s E-House forms JV with Yunfeng, Sequoia, Sina
E-House, a Chinese real estate service agency, has formed a property-oriented financial services joint venture with internet firm Sina Corporation, Sequoia Capital China, and Yunfeng Capital.
The joint venture aims to provide a series of asset-backed financial products for E-House's home buyers and Sina's online users, bridging individual borrowers and lenders. E-House and Sina will each have a 42.5% stake in the new venture.
The real estate financial service JV is regarded as a crucial move for Sina to expand into online financial services space, according to a statement. It hasn't mentioned PE firms' roles in the new entity.
In addition, E-House plans to launch a joint venture with Sina, Focus Media and Shentong Express to provide online to offline (O2O) services. E-House will hold a 55% stake in the JV, with a view to leveraging Sina's users via social networking platforms - Weibo and WeMeet - to reach local real estate companies to find houses.
E-House has formed partnerships with 10 Shanghai-based property management companies, targeting nearly one million residents.
"Together with Focus Media's leading digital interactive media community networks and Shentong's logistical capabilities, the new joint venture aims to enable homeowners to find and connect with local service providers best suited to meet their ‘last mile' needs," according to the company.
Listed in the US, E-House offers primary real estate agency services to residential real estate developers, brokers, and provides land acquisition consulting and property development consulting services.
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