Online Estate Service Soufun Launches Third-party Financial Platform to Tap Online Finance Industry

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China’s leading online estate service Soufun launched Soufun Financial Service Platform today, offering third-party financial products to customers to cater for their funding demands for property acquisition, home leasing and decoration.

The service will be firstly launched in first-tier cities like Beijing and Shanghai, and then expanded to other cities, according to Mo Tianquan, board chairman of the company. Mo added that Soufun will join hands with financial institutions to roll out custom financial products for its members, and then, develop in-house financial products in the future.

In addition to mainstream domestic banks, the platform also established cooperation with foreign banks, such as CitiBank and SCB.

This is not the first time for Soufun to explore online financial industry. The company upgraded its e-commerce platform and released a financial product to members this November, offering up to 500,000 yuan ($81,763) of unsecured consumer loan at benchmark interest. On Dec. 4 this year, the firm issued up to $350 million worth of convertible bonds to prepare for the forays into Internet financial sector.