Hong Kong — Zuo Hui is on a mission to bring transparency to China’s murky property market, where buyers must navigate fake listings and sometimes fraud.
“The most difficult part is that doing the ‘right’ thing often comes with short-term sacrifices in economic interest,” the KE founder and chair wrote in the company’s initial public offering prospectus this year. “Initial challenges pave the way for long-term success.” “Doing business in real estate takes a lot of time, effort and know-how,” said Feng Linyan, a senior analyst with EqualOcean. “Unlike consumer-tech industries where you can subsidise the product until you have dominated the market, real estate relies on a real knowledge of how agents and buyers operate. This is where KE builds its own moat, or barrier to entry that will be hard for other tech companies to challenge.
Several local governments have also sought to rein in house prices and reduce leverage, even as China’s real estate market has suffered. An index tracking the nation’s property companies has dropped 4.3% this year, and China Evergrande Group, the world’s most-indebted developer, only narrowly avoided a credit crunch recently.
Beike uses AI and big data to improve its service and provide market insights, according to its website. As of June, the company boasted 226-million homes on its platform and 39-million monthly active users on mobiles. The platform also draws in others by allowing decorators, renovators and financial institutions to connect with buyers, creating an ecosystem of property and related offerings.
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