Zillow Just Expanded its Reach Again With E-House
NEW YORK (TheStreet) -- Zillow
Starting in early summer, visitors to Leju's site looking for U.S. properties will be directed to a site co-branded by Zillow and Leju, with access to "Zillow's robust home search experience, rich data on homes, millions of for-sale listings, and unique pre-market inventory," the company said in a press release. The site will be translated into Chinese and operated by Zillow. Financial terms of the deal were not disclosed.
"We're excited to announce this exclusive partnership with Leju," said Errol Samuelson, Zillow Chief Industry Development Officer in the press release. "Brokers and agents with listings on Zillow are now able to reach Chinese home shoppers who are ready to invest in the U.S. market, with no additional cost or effort. This is another example of how Zillow is continually providing new ways for real estate professionals to market and grow their businesses."
As China seeks ways to temper it housing market to curb inflation, Chinese buyers have looked elsewhere, particularly the U.S., to park their excess cash. Seattle-based Zillow noted Chinese buyers spent more than $11 billion on U.S. properties, spending an average of $425,000 per home, with 69% of them being all cash purchases.
"We're thrilled to provide Leju visitors with Zillow's unparalleled real estate search experience," said Geoffrey Yinyu He, Leju's CEO. "Many of our more than 60 million users are interested in U.S. properties and now they will not only have access to information on U.S. homes that they can't find anywhere else, but they'll also have the ability to quickly connect with a local real estate expert who can help them through the home buying process."
Zillow has been working to power almost all of the major real estate sites. Zillow already has partnerships and powers Yahoo!
Zillow shares gained 0.37% to close at $92.61, while E-House was slipping 0.63% to $12.74.
--Written by Chris Ciaccia in New York
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