It’s going to be a lot easier to buy overseas real estate from China in just a few days. Juwai, China’s largest overseas real estate firm, is partnering up JD.com – China’s largest retailer. Starting in April, JD.com users will see Juwai’s international real estate listings appear on the e-commerce platform. If you just mumbled “meh,” it’s because you don’t understand the size of audience Juwai just got access to.
JD.com Is The Amazon of China
If you’re from North America, you may not know who JD.com is, but you really should. Often called the “Amazon of China,” they too gained popularity running an online bookstore, before selling everything else. The company is also walking in Amazon’s footsteps, replicating their business plan, but more aggressively. They also operate automated grocery stores, run Asia’s most advanced fulfillment centre, and now have the world’s largest delivery drone fleet. They also have a little cash behind them, landing investments from Tencent, China’s largest company, as well as a little American firm called Walmart.
The most important thing about JD.com is the scale. Their recent numbers show they have over 292.5 million customers, and they are China’s largest retailer. That’s on and offline, in case you’re wondering. Last Single’s Day, China’s version of Black Friday, they sold over US$19.1 billion worth of goods. If that number needs some context, it’s a little more than CIBC’s revenue for all of 2017… in one day. Saying they’re a large company is kind of an understatement.
Juwai will partner with JD.com, and run an overseas real estate portal on their site. Properties from Canada, Australia, the United Kingdom, and the USA will be listed for sale beside ebooks, milk, and eggs. Once someone has expressed interest, a representative from Juwai will contact them to facilitate the closing of the sale. Because who hasn’t been clicking around on Amazon, and though oh f**k – I need a condo in Vancouver? The deal is actually very similar to the one Juwai launched with JD.com investor Tencent, just a few months ago.
It’s too early to tell whether Juwai’s footprint is translating into greater demand for overseas real estate. Technically speaking, it could just be consolidating demand, at the expense of competitors. What we do know is Juwai’s CEO probably thinks Vancouver real estate won’t be popular, since she called it “overpriced” just a few weeks ago.
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