ByteDance plans to spin off real estate listing business

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SHANGHAI, Nov 24 (Reuters) – China’s ByteDance plans to spin off its real estate listing service to concentrate on its core companies, an organization consultant stated on Wednesday, because the TikTok proprietor undergoes a reorganisation.

The firm is making ready to hive off Xingfuli, the title of which interprets to “happy place”, by introducing exterior buyers, the spokesperson stated, confirming plans first reported by Chinese media outlet The Paper on Wednesday.

Xingfuli was arrange in 2018, becoming a member of the numerous apps ByteDance operates alongside Douyin, the Chinese equal of TikTok, news aggregator Toutiao and others.

Beijing-based ByteDance this month outlined the creation of six business items in its largest organisational change since co-founder Zhang Yiming stated in May that he would step down as CEO. learn extra

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Reporting by Brenda Goh
Editing by David Goodman

The ByteDance logo is seen in this illustration taken, Nov. 27, 2019. REUTERS/Dado Ruvic/Illustration/File Photo

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