Huasheng Capital, a private equity fund established by China Renaissance Partners, has led a RMB6 billion (US$926 million) series B round in Lianjia, a Chinese O2O (online-to-offline) real estate agency service provider.
Baidu Inc and Tencent Holdings Ltd. also joined the funding round as strategic investors, according to Chinese media reports.
The fundraising process began in late 2015, Lianjia’s chief executive was quoted in the articles, and the company plans to use the proceeds for acquisitions and help it transition to an Internet company.
Lianjia, also known as Home Link, operates Lianjia.com and takes 7% market share in China’s online and offline real estate services market.
The company completed total transaction value of RMB700 billion in 2015, and has plans for an initial public offering soon, says the reports.
Huasheng Capital completed raising its second flagship fund at RMB5.5 billion in July 2015.