Zillow Inc. (Z) agreed to make its U.S. property listings available to Chinese consumers through a partnership with a Beijing-based website.
E-House Holdings Ltd.’s Leju real estate site will carry Zillow listings that include homes for sale by agent and owner, units in projects under construction and foreclosures and short-sale properties, Seattle-based Zillow said today in a statement.
Chinese buyers spent more than $11 billion on U.S. real estate last year, with an average $425,000 purchase, Zillow said. The Leju-Zillow site, to be operated by the U.S. company, will be ready around midyear, according to the statement.
“Brokers and agents with listings on Zillow are now able to reach Chinese home shoppers who are ready to invest in the U.S. market, with no additional cost or effort,” Errol Samuelson, Zillow’s chief industry development officer, said in the statement.
Zillow is seeking to expand usage on mobile devices for StreetEasy.com, its New York City listings site, as more apartment hunters and homebuyers shop while on the go, Chief Executive Officer Spencer Rascoff said in an interview last week. The company plans to reintroduce StreetEasy for the iPhone and add mobile applications for Android and iPads, he said.
Rascoff said there’s growth potential for StreetEasy, which is accessed from mobile devices by one-third of its users, compared with two-thirds for Zillow’s namesake site.
Zillow shares climbed 74 percent in the 12 months through yesterday, and have more than quadrupled since their initial public offering in July 2011.
To contact the editors responsible for this story: Kara Wetzel at email@example.com Christine Maurus, Daniel Taub