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SHANGHAI (Reuters) – China’s ByteDance plans to spin off its actual property itemizing service to deal with its core companies, an organization consultant mentioned on Wednesday, because the TikTok proprietor undergoes a reorganisation.
The corporate is making ready to hive off Xingfuli, the identify of which interprets to “comfortable place”, by introducing exterior traders, the spokesperson mentioned, confirming plans first reported by Chinese language media outlet The Paper on Wednesday.
Xingfuli was arrange in 2018, becoming a member of the numerous apps ByteDance operates alongside Douyin, the Chinese language equal of TikTok, information aggregator Toutiao and others.
Beijing-based ByteDance this month outlined the creation of six enterprise items in its greatest organisational change since co-founder Zhang Yiming mentioned in Could that he would step down as CEO.
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