Alibaba to launch property business on Tmall

Chinese e-commerce giant Alibaba announced it would establish a property service on Tmall jointly with E-House (China) Enterprise Holdings Ltd on Wednesday.

The Chinese business-to-customer site is offering a property service that combines 3-dimensional shopping technology, livestreaming and financial services, to make it possible for homebuyers to complete all the procedures in home buying online.

The newly established business is going to subsidize homebuyers with all its revenues in the coming three years, according to a Caijing.com report.

Chinese property developers are eagerly adopting digital technologies and exploring new opportunities due to the COVID-19 contagion, said Lu Weixing, general manager of Tmall's property business.

According to Lu, as many as 150,000 units of residential properties were traded on ecommerce site Taobao in 2019.