ByteDance Seeks Capital to Build China’s Answer to Zillow

One of ByteDance co-founder Zhang Yiming’s earliest ventures was in fact an online portal for home-seekers.

(Bloomberg) — ByteDance Ltd. is in discussions with investors on a cash infusion for its Zillow-like real estate listings and deals service, aiming to spin off and create an independent business that can tap the booming Chinese market.

ByteDance is seeking to raise funds and spin off Xingfuli — loosely translated as “Happy Lane” — as one of a growing lineup of apps alongside TikTok and news platform Toutiao, a company representative said. The spinoff will help ByteDance streamline its operations and focus on core businesses as growth slows, Chinese online outlet The Paper reported Wednesday.