ByteDance Ltd. is in discussions with external 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 a standalone company, allowing the parent to focus more on core businesses like TikTok and news platform Toutiao, a company representative said. Chinese online outlet The Paper reported the spinoff earlier on Wednesday.
