Real estate agency Lianjia, otherwise known as Homelink, and Century 21 announced a “strategic investment agreement” on Thursday that will see Lianjia hold 10% of fully diluted shares in Century 21 the 21st Century Business Herald reported.
The deal will see both companies retaining their own brand and operations, but will see cooperation on internet business, the sharing of resources and discussions on how to improve operational efficiency, the report said.
In 2015, Lianjia went on a massive expansion spree, with 11 mergers and acquisitions in that year alone. Its revenue boomed four times in 2015 compared to 2014. It was set up in 2001 and operates as an internet platform for real estate rentals, purchases and renovations, amongst its real estate agency business.
Century 21 is a franchise chain from the US and is one of the first real estate agencies in China to run on a franchise model, as well as operate multiple listing services where information on properties is shared among agents from the same company.