Alibaba.com has entered into an agreement for a strategic investment in Koubei.com, one of China's largest classified listing and community websites.
The terms of investment were not disclosed.
Koubei.com, which means "word of mouth" in Chinese, was founded in Hangzhou in June 2004. In little over two years, it has become one of China's most popular classified listing and community websites. It offers local classifieds and discussion forums for people to find and share information on apartment rentals, restaurants, entertainment, employment, goods and services, and just about anything else. Koubei.com has sites tailored to multiple cities in China.
"Community-based classified listings are an essential part of e-commerce," said Tian Jian, Vice-President of Alibaba's investment and acquisition group, a newly formed effort to leverage the company's industry know-how and financial resources towards developing promising young companies that bring strategic synergies with Alibaba's core businesses.