Auction.com, a platform that lets buyers bid on properties online, is seeking to tap demand from Chinese buyers by syndicating its listings to a Chinese-language listing portal.
Initially, Auction.com will feed only commercial listings to Juwai.com, which claims to be the No. 1 Chinese “international property portal.”
“But given the high level of interest in U.S. residential properties from Chinese buyers, residential homes will likely be added to the mix as well,” Auction.com said in a press release.
The agreement marks the latest effort by a real estate auction platform to expand its reach, coming shortly after Auction.com’s chief rival, Hubzu, announced that it would begin allowing users to win auctions without providing proof of funds. (Auction.com still requires users to provide proof of funds before bidding.)
In another bid to broaden its user base, Auction.com also recently unveiled a commercial real estate financing portal that lets investors use Auction.com to apply for loans from a number of “preferred lenders.”
Under Auction.com’s agreement with Juwai.com, Auction.com’s listings will appear on Juwai.com in Chinese, making them accessible to the listing portal’s claimed 2.6 million monthly Chinese-speaking users, who are located both inside and outside China.
Juwai.com will use its team of 15 journalists — yes, apparently, a listing portal has a team of 15 journalists — to develop content that can educate Chinese consumers on the real estate auction process.
“Real estate auctions are new to most Chinese, and we believe they will embrace this new opportunity when they learn more about it,” said Simon Henry, co-CEO of Juwai.com, in a statement.
Juwai.com has a penchant for partnering with other firms.
The listing portal has inked deals similar to its agreement with Auction.com with LuxuryPortfolio.com, LuxuryHomes.com and The Real Estate Channel. It’s also partnered with jrj.com, a Chinese finance website, and Chinese luxury shopping channel VIP.com.
Juwai.com focuses on aggregating for-sale properties located outside of China for Chinese-speaking buyers.
Fang.com, operated by SouFun, and leju.com, owned by Leju Holdings Ltd., are two of the most popular listing portals for buyers on the hunt for listings located inside China.