Stock Groups

ByteDance plans to spin off real estate listing business -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILEPHOTO: This Nov. 27th illustration shows the ByteDance Logo. REUTERS/Dado Ruvic/Illustration/File Photo

SHANGHAI (Reuters – China’s ByteDance will spin off its realty listing service so that it can focus on its core businesses. A representative for the company stated Wednesday as TikTok owners undergo a reorganisation.

The spokesperson confirmed that the company was preparing to hive Xingfuli (the name of which translates into “happy spot”) by introducing outside investors. This is in line with plans originally reported by The Paper, a Chinese media outlet.

Xingfuli joined the numerous apps ByteDance uses alongside Douyin (the Chinese equivalent to TikTok and news aggregator Toutiao), in 2018.

ByteDance, a Beijing-based company, announced this month the formation of six business units. This is its largest organisational shift since Zhang Yiming’s May announcement that he would be stepping down as CEO.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media does not accept any liability for trade losses that you may incur due to the use of these data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts, buy/sell signal, and quotes. Trading the financial markets is among the most risky investment options. Please make sure you are fully aware of all the costs and risks involved.

[ad_2]