Tencent-Backed Online Property Brokerage Platform Considers $1B IPO in 2020

Investing.com – China-based online property brokerag platform Beike Zhaofang is considering raising at least $1 billion from an IPO next year, according to Bloomberg which cited people familiar with the matter.

Beike, which means shells in Chinese, is backed by Chinese technology giant Tencent Holdings. Bloomberg said the IPO could happen as soon as 2020, although the venue of the listing is not decided yet.

Details of the offering are not confirmed yet as deliberations are at an early stage, the people said, noting that the company is working with an adviser for the potential share sale.

The company raised about $800 million from Tencent in a funding round earlier this year.

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