Meiaoju, an international property portal for Chinese buyers, secured 50 million yuan (around $8 million) of funding led by DCM and followed by angel round investors of ZhenFund and TXD Ventures, just two weeks after its launch in this month, according to Wu Bo, founder of the company who is also the founder of leading domestic group-buying site Lashou and online retail brand Meijiale.
Meiaoju aims to bridge the information gap between domestic customers and overseas real estate developers in a bid to save hefty commission fees to realtors. The site provides free services to buyers and no fees will be charged from overseas real estate developers for the first year. Meiaoju will also review the qualifications of developers in order to protect the interests of buyers.
The site has entered partnership with tens of real estate developers in Australia and the U.S. with more than 10,000 houses on sale on the platform. The company disclosed that 55% of its clients come from Beijing, Shanghai, Guangdong and Zhejiang Province, while nearly 20% come from areas outside China.
With the boom of Chinese economy, more and more people from China’s increasingly wealthy middle to upper class chose to purchase properties overseas, either for investment or for future immigration plans. Juwai, another online property marketplace targeted at Chinese people who have plans to buy real estate overseas, has grown to 1.5 million monthly users with 2.4 million real estate listings, according to TechInAsia.
image credit: Meiaoju