(Yicai Global) Sept. 17 -- Alibaba Group Holdings has joined hands with online real estate agency E-House China Holdings to establish Tmall Haofang to sell housing online, kicking off with generous subsidies.
The platform that uses cloud computing, artificial intelligence, and blockchain technologies will distribute its first three years of profits as subsidies for buyers, Lu Weixing, general manager of Tmall Haofang, said in the Hangzhou-based e-commerce giant's statement published yesterday.
The online cluster of real estate developers' flagship stores will offer 3D viewing experiences and financial services for buyers who are looking for new or second-hand homes. The platform will charge a commission equaling a few percent of the transaction price, Zhou Xin, chairman of the Shanghai-based partner, told Securities Trader China.
Being part of Alibaba's network means joining its marketing campaigns. Tmall Haofang will offer tens of billions of yuan in subsidies during the Double-11 shopping festival in November, said the GM.
"In the next 10 years, the real estate market should move from a financially driven model to a data-driven one," said Lu. Alibaba's online shopping platform Taobao lured some 80 million consumers to view properties last year and 150,000 houses were sold, the GM added.
Editor: Emmi Laine