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China's 58.com Acquires Real Estate Website For USD267 Million

March 9, 2015
Editorial Staff

Chinese classified information website 58.com officially announced that the company has acquired the real estate information website Anjuke.com for USD267.01 million in cash and stock.

After the acquisition, 58.com will establish a real estate business cluster to integrate the real estate businesses of 58.com and Anjuke.com and the company will develop a full-sector business covering new homes, second-hand homes, and the rental business. The new structure will not affect the existing team of Anjuke.com. The website will be able to maintain its website and app as well as its brand independence. Meanwhile, 58.com will allocate USD10 million to launch a limited stock incentive program for Anjuke.com employees.

58.com will reportedly appoint its senior vice president Zhuang Jiandong as president of the new real estate business cluster. Liang Weiping, founder and former CEO of Anjuke.com, will continue to be chief consultant of the group to realize a stable transition between the two parties. At the same time, Liang will start a new business.

According to Yao Jinbo, CEO of 58.com, Anjuke.com has market advantages in first- and second-tier cities, especially in coastal cities. With the acquisition, 58.com will provide more home choices to users and better online promotion services to realtors and developers.

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